The first fintech platform in Romania for multicredit services, Omnicredit, which operates exclusively online, was launched in the local market. Omnitech offers 8 types of loans; the maximum loan could reach RON 25,000 and be approved in less than an hour.

Online registration is done within 30 seconds, the credit decision is made within an hour of documents being uploaded, and the money is in the customer’s account within 8 hours of approval. No physical presence is required for any of the lending stages, as all decisions and procedures are made online, Omnicredit representatives say.

Loans are primarily created for small entrepreneurs as 70% of micro-enterprises are not eligible for access to conventional bank credit, although obtaining bank credit is at the top of the preferences of small business owners.

“Our concern is to offer very easily accessible and diversified products to cover a wide range of activities. The entrepreneur should use his time and energy to develop his business without the need for financing and thus we can grow together,” said Elisa Rusu, CEO of Omnicredit.

The majority shareholder of the company is the investment fund Reconstruction Capital II Limited (RC2), present in Romania since 2005 and listed on the London Stock Exchange.