Payment service Pago, which simplifies the management of recurring invoices and services for users, has raised €2.3 million on SeedBlink in one of the equity platform’s largest funding rounds and investment to date.

A total of 225 private investors backed Pago in a round co-invested by Mozaik Investments, a private equity firm focused on supporting small and medium-sized enterprises (SMEs) in Central and Eastern Europe (CEE).

The company plans to use this funding to reach 6 million users in Romania with its services and expand internationally to five countries, including Italy, Poland and the Czech Republic, in the coming years. The capital raised will also be used to improve the functionality of the Pago application and strengthen strategic partnerships with banks and partner applications.

While Romania remains a market with growth potential, Pago is already accelerating its international expansion. The application is active in Italy and Poland, markets chosen due to their technical infrastructure and organization similar to those of Romania. The company plans to improve the user experience, initiate local B2B integrations and develop dedicated teams for each country.

“We are impressed and grateful for the investor support and the rapid evolution of the funding cycle. The capital raised will help us accelerate growth in the years to come, both through new integrations into partner apps in Romania and replicating our success here in 5 other countries where we are already present or planning to expand soon,” said Adrian Cighi, co-founder of Pago.

“Pago understands 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,” Eric Bartha, financial manager. Services at SeedBlink, added.

Pago has more than 500,000 active users in Romania.

The Pago team is made up of 55 members, many of whom have been with the company since its inception.

The payment service allows users to pay utility bills to over 400 integrated providers, insurance, mobile recharges, road taxes, taxes, donations and real-time money transfers. The application is available on Android and iOS.

(Photo: Pago.ro)

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