tbi bank , a challenger bank in Southeast Europe, has formed a partnership with Mi-home.ro , the official online store of Xiaomi Romania . This collaboration introduces a Buy Now, Pay Later (BNPL) financing option for a broad selection of smart devices.

Customers now have the option to purchase smart devices through Mi-home.ro with a BNPL plan, choosing between interest-free payments in four instalments or extended payments in six to 60 instalments with interest. For transactions up to EUR 400, customers can opt for 4 fixed, interest-free instalments. For amounts exceeding EUR 400, the instalment terms remain fixed throughout the contract duration, with options ranging from 6 to 60 months.

Mi-home.ro, which launched in 2021, is an authorised online retailer offering a diverse array of Xiaomi products in Romania. The retailer's sales reached over EUR 1.8 million in 2023. The partnership with tbi bank aims to improve access to smart devices amid challenging economic conditions, facilitating easier financing solutions for consumers.

Growth of challenger banks The rise of challenger banks in Southeast Europe represents a significant shift in the financial sector, characterised by their disruptive approach to banking services. These digital-first banks have emerged as key players by leveraging technology to offer more user-friendly, accessible, and cost-effective financial solutions compared to traditional banks. By eliminating the need for physical branches and utilising advanced digital platforms, challenger banks provide services that cater to the modern consumer's preference for convenience and efficiency.

Challenger banks have made a notable impact on traditional banking sectors by introducing features that challenge established practices. Their offerings often include low or no fees, real-time transaction notifications, and user-friendly mobile apps, which improve customer experience and financial management. These banks also employ data-driven approaches to personalise financial products and services, making them more tailored to individual needs and preferences.

This customer-centric model has pressured traditional banks to reassess and update their service delivery to remain competitive. Furthermore, the growth of challenger banks has spurred increased competition within the financial industry, pushing traditional banks to accelerate their digital transformation efforts. As these newer players continue to capture market share with their strategies, they are reshaping consumer expectations and setting new standards for financial services.

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