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Smart financial services.
Delivered through apps with millions of users.

Confidential · March 2026

02 — Summary

The Opportunity at a Glance

557K
Monthly active users
€502M
Processed in 2025
7
Active partners
33%
EBITDA margin
What is Pago

Consumer app + native integrations inside partner apps. One platform, two channels. 840K projected users in 2026.

How it works

We build in Pago, then deliver through partner apps. International expansion via Erste (AT, CZ, PL).

BT PayGeorgeRaiffeisenSalt Bank RevolutUnicredit
Why now

BNR payment institution license nearly complete. This deal finalizes the shareholder structure — the last condition before approval. Opens new financial products and EU passporting.

What we propose

Majority stake of 51% at €30M equity valuation. Current financial investor (32%) exits. Founders aligned long-term via earnout on remaining 49%.

03 — Context

From app to infrastructure — in 8 years

What we built
2016–2018
Bill payments

All household bills in one place — notifications, instant confirmation, no more queues.

100+ utility suppliers integrated
2019–2021
Insurance marketplace

RCA, home, travel — compare, buy, and auto-renew on expiry.

Full lifecycle: compare, buy, auto-renew
2022–2024
Digital services

Vignettes, road tax, local taxes, top-ups, donations — same logic, one place.

Every problem solved reveals the next
How we deliver
2021
BT asked for bill payments in BT Pay

First bank integration via API. Banks want these services but can’t build them alone.

2022–today
SDK model: we build everything

George (BCR), Raiffeisen, Salt Bank, Engie, Up România. Full UI + data, adapted to each partner.

Products × partners = the matrix that scales
Today Pago is an infrastructure platform: we build financial services and deliver them through the apps with the most users in Romania.
04 — Context

The matrix grows in both directions

Each row is a partner. Each column is a product. Once built, they combine freely.

BillsRCAHomeTravelTop-upsMyCareSIMeFactura
Pago App
BT Pay
BCR George
Salt Bank
Raiffeisen
Engie
UP Romania
BT Go
Unicredit NEW
Revolut NEW
Erste (AT CZ PL) NEW
Live In implementation Coming next Opportunity
~82% expansion opportunity remaining. ~18% of the product × partner matrix is live. Shared infrastructure: every feature built once serves all partners.
05 — Context

What one channel looks like over time

BT Pay: our first integration, now our largest partner. One channel, three products, still compounding.

Revenue from this channel
€60K
2022
€184K
2023
€295K
2024
€581K
2025
€872K
2026F
4.6M
Active users in BT Pay
300K
Monthly active Pago users
70%
Revenue share retained
2x+
Integration ROI
One integration. Three products added over 4 years. From €60K to €872K. Every new partner follows the same path.
06 — Numbers

Growth driven by partner app integrations

€1.37M
2023
€1.68M
2024
€2.21M
2025
€3.08M
2026F
Source: company management accounts. 2023–2025 actual, 2026F forecast.
YoY growth acceleration

23% → 31% → 39%

Partner integration share

14% → 21% → 29% → 36%

Partner integration revenue

€187K → €355K → €639K → €1.12M
Consistent doubling year over year

App revenue grows steadily. Partner integration revenue doubles annually. Together, they compound — and integrations have barely started.
07 — Numbers

Profitable and self-sustaining

Normalized EBITDA
-€231K
2023
€442K
2024
€562K
2025
€1.0M
2026F
Normalized = adjusted for €405K one-time BNR licensing costs.
EBITDA margin

26% → 25% → 33%
Expanding as partner integrations grow

Self-sustaining

Profitable without external support. Visa partnership accelerates growth — it doesn’t fund it.

Visa strategic partnership

2nd consecutive 3-year agreement. Covers user acquisition, integration, security. Not included in revenue or EBITDA — margins stand independently.

33% operating margins, accelerating revenue, and no external funding required. The economics speak for themselves.
08 — Numbers

Committed pipeline doubles operating revenue

€2.21M
Current revenue
+
€2.29M
New pipeline
=
€4.50M
At maturity
PartnerProductStatusEst. Annual RevenueLaunch
BT PayeSIMIn development€248KQ1 2026
BCR GeorgeeSIMIn development€162KQ2 2026
RaiffeisenBillsConfirmed€150KQ3 2026
UnicreditBillsConfirmed€110KQ3 2026
BT GoMyCarConfirmed€200KQ4 2026
BCR / ErsteeSIM (3 countries)Confirmed€583KQ4 2026
EngieHome insuranceConfirmed€50KQ4 2026
RevolutBills + MyCar + Top-upsConfirmed€790KQ4 2026 – Q1 2027
Total committed pipeline€2.29M
All from existing partner relationships. No new partners or products required.
09 — Numbers

Room to grow in every category

Bottom-up penetration of addressable markets. Every category has a long runway.

Utility bills
~4%
penetration

€490M processed out of a €12B addressable market.

Insurance (RCA + Home)
~0.5%
penetration

€10M out of a €2.2B market. Growing 55% YoY.

Expansion vectors
  • eSIM — growing category, already in Pago + BT Pay
  • eFactura — opens SME segment
  • Revolut — 4M Romanian users
  • EU passporting — via BNR license
Low penetration in every category. The infrastructure is built, the partners are signed — growth depends on execution.
10 — Positioning

Competitive on the Pago app. No alternative on integrations.

The Pago app — competitive market
  • Defined the category. First app to integrate 100+ providers with automatic bill fetching.
  • Validated monetization. Subscription model with high retention.
  • Compounding advantages. Each new vertical widens the gap.
557K
MAU
4.8
App Store
~€2.5
CAC
Native integrations — unmatched
  • Largest supplier network. 100+ utility suppliers with automatic bill retrieval.
  • Ready-made, not bespoke. SDK goes live in weeks.
  • Aligned incentives. Zero integration cost for partners.
100+
Suppliers
7
Partners
Weeks
To go live
On the app, advantages compound with each new feature. On integrations, nobody else has this.
11 — Positioning

BNR License: one barrier remaining — and it resolves with the deal.

Today — without license
  • Intermediary on third-party payment rails
  • Romania only — no cross-border reach
  • Limited products — bill payments & insurance
  • Margins constrained by processing fees
With license — after the deal
  • Direct processor — full control over payment flows
  • EU passport — operate in any member state
  • New products — e-money, float income, prepaid cards
  • Higher margins from direct processing & float
30+
Docs submitted
19
Internal policies
2
Executives approved
RON 13.8M
Capital fulfilled
Documentation ✓
→
Certifications ✓
→
BNR eligibility ✓
→
Shareholder alignment → deal
The stake unlocks the license — and with it, direct processing, EU passporting, and new product lines.
12 — Growth

Already live in two markets. Partner networks unlock the rest.

Austria Czechia Poland Italy Romania
Live
Next (Erste)
Pago Italy — Live
10K
MAU
15%+
Monthly growth
16K
Entities via PagoPA

B2C app for bill payments and public administration services via PagoPA. Insurance & top-ups next. B2B SDK expansion planned.

♦
Erste Group — confirmed
Austria, Czechia, Poland unlocked through BCR. Erste operates in 7 CEE markets.
♦
Unicredit
Romania integration ramps into Italy. 13 European markets.
♦
Revolut
Romanian integration confirmed. 50M+ European users.
3–6 mo.
New market via partner
€2M+ & 2 yrs
New market via consumer app
13 — Team

51 people. Founders stay. Team aligned.

Adrian Cighi — Co-founder & CEO

Vision and commercial leadership for 10 years. Built partnerships with Visa, BT, BCR, Raiffeisen. Previously Franklin Templeton (VP), Goldman Sachs. MSc Finance, LSE.

Alexandru-Gala Popescu — Co-founder & CTO

Product and technology leadership for 10 years. Leads 27 engineers. Built the entire platform from ground up. BSc Computer Science, University of Manchester.

51
Total team
27
Eng & product
4yr
Avg tenure
9%
ESOP
49%
Founders retain
PCI Level 3ISO 27001ISO 9001Security audits every 6 months
A team hard to build from scratch. Certifications that take years. Relationships that can’t be replicated.
14 — Team

The AI revolution in payments. The infrastructure remains.

Today

Users interact through banking and consumer apps.

BT PayGeorgeRaiffeisenRevolutSalt Bank
↓
Pago processes the payments
Tomorrow

Users interact through AI assistants, chatbots and autonomous agents.

Voice assistantsBanking chatbotsAI agentsAgentic commerce
↓
Pago still processes the payments
Already in development: AI assistant plugin — users connect Pago to their preferred AI app and manage payments, bills, and insurance directly through conversation.
Interfaces change. The payment rails underneath don’t. Pago is the rails.
15 — The Deal

The deal — and why now

Deal terms
€30M
Equity valuation
At Pago Holding GmbH level
51%
Majority stake
Full decision-making control
Clean exit
Financial investor exits (~32%)
Founders contribute ~19% to reach 51%
€400K
New capital
BNR regulatory capital requirement
What the numbers say
~6.7xforward revenue multiple
9.7x
on 2026F
€4.5M+
w/ pipeline
+39%
YoY growth
Why now
  • Inflection point — 7 partners, €2.29M committed pipeline
  • License ready — 18 months of prep complete. Deal finalizes shareholder structure.
  • Natural transition — financial investor exits after fulfilled mandate.
~6.7x on committed revenue within 12–18 months — before accounting for the BNR license, Visa partnership, or EU expansion.

Why Pago

1
Profitable infrastructure, not a cash-burning startup
33% normalized EBITDA margins, growing 39% year-over-year. Operations generate cash.
2
Scalable model with €2.29M committed pipeline
Each integration built once, every product adds recurring revenue at minimal cost. Named partners, signed agreements.
3
BNR license unlocked, founders aligned
This deal finalizes the license (€3–8M standalone value, EU passporting). Founders retain 49%, 3-year earnout, 9% ESOP.

Let’s talk

We’d welcome the opportunity to present in person and answer any questions.

AC
Adrian Cighi
Co-founder & CEO
adrian@pago.ro · +40 730 075 127

This document is confidential and intended solely for the recipient. It does not constitute an offer or solicitation.