Banca Transilvania Financial Group enters the fintech field - BT Investments became a shareholder of Timesafe, the developer of the Pago application

BT Investments, a company of the Banca Transilvania Financial Group, became a shareholder of Timesafe, the developer of the Pago payment application. The transaction was brokered by BT Capital Partners, the investment banking division of Banca Transilvania Financial Group and an exclusive member in Romania of Oaklins, and by dla piper law firm.    

Ömer Tetik, General Manager, Banca Transilvania: "This investment, being a start-up, is a premiere for Banca Transilvania Financial Group. It's another step that BT is taking to support entrepreneurs and encourage digitalization."

Adrian Cighi, Co-founder of Pago: "The partnership with Banca Transilvania will allow us to accelerate the development of the Pago application. The investment will be used especially for technical development of the product and for adding new suppliers and new types of payments, for the benefit of our users. We thank BT's management for their trust, we appreciate the help so far and we are convinced that together we can make Pago one of the most used payment applications in Romania. We also thank the teams from BT Capital Partners and DLA Piper for their contribution to the completion of the transaction".   

Details:

• Timesafe is the developer of Pago, an application designed to manage and pay utility bills, electronic loading of prepaid cards and payment of vignettes.
• The project is developed in partnership with Banca Transilvania and Mastercard.
• Pago is the only application in Romania through which the payment of all monthly invoices can be made, by card, from a single account. Pago simplifies the online payment of invoices by connecting online accounts or scanning the barcode on the invoices of over 40 utility providers. Details about the application, functionalities and the list of integrated providers are available on the application's website, www.pagoplateste.ro.