Omnicredit has announced its partnership with Flanco Smart Discounter in order to launch an Embedded Finance product in Romania. Following this announcement, the fintech microfinance factoring and discounting platform in Romania Omnicredit will partner with Flanco Smart Discounter in order to launch the retail lending product.

The collaboration aims to optimise the manner in which startup companies and SMEs in the region of Romania develop, providing them access to financial services in order to overcome initial challenges. In addition, both companies will focus on meeting the needs, preferences, and demands of customers and users in an ever-evolving market, as well as prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry. More information on the announcement Embedded Finance represents the operation that integrates financial services into non-financial platforms and applications, aiming to provide users with personalised and secure experiences that optimise the manner in which they access and use financial tools.

Throughout this strategic deal, Omnicredit and Flanco Smart Discounter will focus on providing local businesses, firms, and small and medium-sized enterprises with flexible and secure solutions that will allow them to accelerate their expansion and development. Regardless of their field, individuals and entrepreneurs with an activity of at least 6 months will have the possibility to access up to EUR 10.000 (RON 50.000) for office technological equipment from the retailer’s portfolio, through the use of microloans in installments. The repayment period is expected to be set of maximum one year.

The lending process will be simple, and fully online, with a reduced number of necessary documents, aiming to ensure a fast, secure, and transparent experience for customers. At the same time, the credit applications will be analysed within 3-5 hours from the moment of the document submission. In case of approval, funds will be made available on the same day, in accordance with the needs of modern entrepreneurs.

In addition, for the clients who wish to purchase products from Flanco Smart Discounter but do not have the necessary funds, this partnership is expected to simplify the overall process. The customer selects the needed tool and is directed to the Omnicredit online platform in order to access credit. The request will be verified and after it is approved, the credit agreement will be generated.

Onmicredit will pay the transaction to Flanco, and the user subsequently reimburses the installments to Omnicredit. Through the customised financial solutions offered, both companies are set to remove the barriers that prevent the initial threshold from being exceeded, while also providing support for achieving medium to long-term objectives. The startup businesses will also be motivated to reach their development potential and contribute to the diversification and consolidation of the local economic landscape.

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