Fagura, a FinTech founded in the Republic of Moldova that has developed a peer-to-peer (P2P) lending platform, plans to expand to the Romanian market.

The company has launched operations in Moldova after a period of testing and considers two options for entering the Romanian market: getting an international P2P operating license or teaming up with a local bank, Wall-street.ro reported. However, in the absence of legal regulations on the market in Moldova, only legal persons are allowed to extend financing through the platform.

According to the information consulted by Wall-Street.ro, investors have poured EUR 30,000 in the loans listed on the platform and approved by its scoring system, since May. Out of 874 loan applications submitted by individuals, 128 were approved. A Romanian firm is also among the companies that have invested in these loans.

The scoring system behind the platform currently approves about 15% of the loan applications that arrive on Fagura. It is automated and verifies aspects such as the person's income, accessing the data from the tax administration authority of the Republic of Moldova, and the credit history.

editor@romania-insider.com

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