BT Investments, a company of the Banca Transilvania Financial Group, has become a shareholder in Timesafe, the developer of the Pago payments app. The transaction was arranged by BT Capital Partners, the investment banking division of the Banca Transilvania Financial Group and Oaklins' exclusive member in Romania, and by law firm DLA Piper.

Ömer Tetik, CEO, Banca Transilvania: “This investment, in a start-up, is a first for the Banca Transilvania Financial Group. It is another step BT is taking to support entrepreneurs and encourage digitalisation.”

Adrian Cighi, Pago Co-founder: “The partnership with Banca Transilvania will allow us to accelerate development of the Pago app. The investment will be used mainly for product engineering and to add new billers and new types of payments, for the benefit of our users. We thank BT’s management for their trust, appreciate the support so far and are confident that together we can make Pago one of the most widely used payment apps in Romania. We also thank the teams at BT Capital Partners and DLA Piper for their contribution to closing the transaction.”

Details:

• Timesafe is the developer of Pago, an app for managing and paying utility bills, prepaid mobile top-ups and road toll vignettes.
• The project is being developed in partnership with Banca Transilvania and Mastercard.
• Pago is the only app in Romania through which all monthly bills can be paid by card from a single account. Pago simplifies online bill payment by connecting online accounts or scanning the barcode on bills from more than 40 utility providers. Details about the app, features and the list of integrated providers are available on the app’s website, www.pagoplateste.ro.