General information

Population

18.9M

Online population

18M

Currency

RON

Market overview

Population - 18.9M

At the start of 2024, 54.8% of Romania’s population lived in urban centres, while 45.2% lived in rural areas.

Internet penetration - 91.6%

There were 18M internet users in Romania at the start of 2024.

FinTech Outlook: Trends, Insight & Technology

The Romanian FinTech ecosystem, though young, is maturing rapidly. This growth is driven by new funding for existing players, increased collaboration within the ecosystem, and some successful exits.

FinTech companies are at the heart of this ecosystem. RoFinTech, the sector's representative organization, has strengthened local ties and is now forging partnerships with FinTech associations across the region.

Map of the Romanian FinTech Ecosystem

The ecosystem's maturity is evident in the close collaboration between government bodies, financial authorities, and fintech companies. The National Bank of Romania (NBR) actively promotes FinTech development in its dual role as central bank and National Competent Authority.

Accelerators like Techcelerator and InnovX, along with incubators such as Founder Institute and Commons Accel, support the Romanian FinTech ecosystem. These programs have been instrumental in launching most new FinTech companies.

At the midpoint of 2024 compared to the previous half-year review, the innovation ecosystem in Romania has shown significant momentum, with substantial investments, coming from both, local and international investors. The total amount raised by the top 10 players amounts to 67.7M with +€6M more than H1 2023.

What truly distinguishes Romania, however, is its highly skilled and cost-effective workforce, particularly evident in startup hubs such as Cluj Napoca and Bucharest. These cities are thriving centres of innovation, with a concentration of talent and resources attracting investors and entrepreneurs alike. Furthermore, Romania’s commitment to digitisation underscores its dedication to fostering a business-friendly environment. With notable success stories like UIPath, a Romanian unicorn, the country’s potential for fostering globally competitive startups is evident.

Banks

As of 2024, 32 banks operate in Romania.

With 67521 credit institutions, Romania’s banking sector is relatively modest in size when compared to its Central and Eastern European counterparts, with Banca Transilvania (BT) standing out as the largest. The Romanian banking sector is largely characterized by foreign-controlled banks, primarily from Austria, Italy, Belgium, Poland, the Netherlands, and France.