Romanian startup Medeva Fintech said on Friday, July 21, that it is launching a new version of its app Figo.Pay, which changes the way users can get cashback from traders. The application has 22,000 users, and the company wants to double the number in the next six months.

“If until now, users bought e-vouchers in the app to save money on shopping, from now on, all those who download the new version will be able to pay for purchases directly with the Visa Figo.Pay bank card issued by CEC Bank. Thus, for each purchase made at any of the merchants listed in the app, users get back up to 10% of the amount spent up to RON 1,000, and enjoy other benefits,” said Ion Zyto Dumitrescu, founder of Medeva Fintech.

To benefit from all the options of the new Figo.Pay, users need to sign up in the app with a Visa Figo.Pay card issued by CEC Bank. This will also provide them with real-time information on discounts and promotions from partner traders, allow them to pay bills, send and receive money instantly, and access a range of emergency services such as telemedicine and home assistance.

The app will soon be available to the employees of large companies, the company said.

Medeva Fintech predicts that by the end of 2023, each of its 50,000 users will spend an average of RON 1,000 per month, and the average cashback will be 8%. The startup expects to end the year with businesses of RON 10 million and a profit of around RON 2 million.

In the short term, the company aims to develop the app’s technology so as to allow instant money transfers between users, from one bank account to another, via QR code, without the need for bank card intermediation. In addition, it is exploring the possibility of attracting a private investor to obtain licences that will allow it to issue electronic meal vouchers, e-money and pre-paid cards.

Launched in November 2022, the Figo.Pay app reached 22,000 users in just two months of operation.

irina.marica@romania-insider.com

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