Through the transaction announced today, Mozaik Investments acquired from Banca Transilvania the 51.12% participation held in Timesafe, the company which operates Pago in Romania. This is the first of a series of transactions that will consolidate the companies operating Pago in Romania, Poland, and Italy into a unified structure and offer the funding needed to accelerate the growth of the business, both in Romania and other European markets.
The existing partnership between Banca Transilvania and Pago for offering bill payments and the other payment types available in the app will remain unchanged. The app will continue to function the same as until now.
"With this transaction, Pago is moving to the next phase of growth, in which we will focus on the international expansion and on adding new features for our users in Romania. We have already started a recruitment campaign to add 20 new members to the team over the next 6 months. We are happy to have along for this journey a new partner who is just as ambitious as we are about what Pago will become in the next few years. I want to thank Banca Transilvania for its support over the last few years. Our operational partnership will remain just as strong after this transaction, as we will continue to work together to bring the Pago experience to as many users in Romania as possible." – said Adrian Cighi and Alexandru-Gala Popescu, Co-founders of Pago
"We are very pleased with our new partnership with Pago. We believe that there are all the right premises to continue this success story: a strong and experienced team led by two ambitious founders and a product with more than 230,000 active users in Romania and Poland. We have big development plans, both locally and regionally, and we are confident that we will achieve them together." - Vlad Bușilă - Mozaik Investments.
The transaction was assisted by BT Capital Partners, Kreston Romania, Sancons Capital & Investment, Filip & Company SCA, Rizoiu & Poenaru SCA, Boanță, Gîdei și Asociații SCA.
Pago is the app for managing and paying all utility bills from one account: get them updated in real-time, organized by the due date on one screen, and pay them in a few seconds, anytime, anywhere. More than 380 utility providers from Romania are available in the app, used for more than 10 million bill payments. It can also be used for mobile top-ups, purchasing insurance, paying taxes, making real-time money transfers and donations. The app is free to download on App Store, Google Play, and Huawei AppGallery. Pago was also launched in Poland and will soon launch in Italy and other countries in the EU.
Mozaik Investments is an investment company established in 2019 through the partnership between a successful entrepreneur, Sacha Dragic, a private equity veteran, Roland Haas, and a former M&A banker, Vlad Busila, funded by several private investors both locally and regionally. Mozaik is looking to invest in companies with high growth potential, offering both capital and financial know-how in return for minority stakes. The investment tickets vary between 2 to 5 million, and the holding period can reach up to 10 years. We focus on the Central and Eastern European region covered through the two offices in Vienna and Bucharest.