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Pago raises a record €2.3 Million Series A round with SeedBlink and Mozaik Investments
Bucharest, October 15 – Pago, the payment service that simplifies the management of bills and recurring services for users, has successfully raised €2.3 million on SeedBlink, one of the platform's largest funding rounds to date. An impressive 225 private investors backed Pago's vision, confirming the trust and potential the company brings to the market.
The total round of €2,300,000 was co-invested by Mozaik Investments, a private equity firm focused on supporting small and medium-sized enterprises (SMEs) in Central and Eastern Europe (CEE). With the raised investment, the company aims to reach 6 million phones in Romania with its services and expand internationally to 5 countries, including Italy, Poland, and the Czech Republic, in the coming years.
Adrian Cighi, co-founder of Pago, stated: "We are impressed and grateful for the investors' support and the rapid evolution of the funding round. The capital raised will help us accelerate growth in the coming years, both through new integrations in partner applications in Romania and by replicating our success here in 5 other countries where we are already present or plan to expand soon."
Eric Bartha, Head of Financial Services at SeedBlink, added: "Pago has understood that success comes from building a strong community, attracting over 220 investors through SeedBlink. We are proud to offer a platform that supports companies aiming for a public listing in the next 2-3 years. Congratulations to the team for this remarkable success."
Pago aims for international growth, backed by investors
The raised capital will be used to improve Pago's app features, strengthen strategic partnerships with banks and partner applications, and develop services offered in 5 other countries.
While Romania remains a market with growth potential, Pago is already accelerating its international expansion. The app is active in Italy and Poland, markets are chosen strategically due to their similar technical infrastructure and organization to Romania. They plan to improve the user experience, initiate local B2B integrations, and grow dedicated teams for each country.
Pago has over 500,000 active users in Romania, demonstrating rapid adoption and strong demand. The company aims to expand its services in the next 12-18 months to applications with over 6 million users.
The Pago team consists of 55 members, many of whom have been with the company since its inception. All employees benefit from an ESOP program, aligning their interests with the company's success and encouraging their active involvement.
About Pago
Pago is the payment service launched in 2017 through which over 500,000 active monthly users pay utility bills to over 400 integrated providers, insurance, mobile top-ups, road tax, taxes, donations, and real-time money transfers. The app is available on Android and iOS. More details are available on pago.ro.
About SeedBlink
SeedBlink is the all-in-one equity and investment platform that offers infrastructure, financial services, and a network for European technology companies and their stakeholders to access, manage, and trade equity at every stage of growth.
SeedBlink SA is registered in the Romanian Financial Supervisory Authority (ASF) register, under number PJR28FSFPR/400001 dated November 3, 2022, with an EU passport according to the European Securities and Market Authority (ESMA) register for crowdfunding service providers. Contact us by email: hello@seedblink.com.
PublishedOctober 15, 2024
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