Ebury Romania has reached a team of 20 people one year after it opened its branch in Bucharest, and is planning to grow its local team in 2019. The company today has a local portfolio of 250 clients, adding 50 new corporate and SME every month.
Ebury estimates that from the 12,300 companies in Romania having a turnover above EUR 1 million and a substantial amount of international payments, about 13 percent are already working with a Fintech company while another 30 percent are considering adding a real competitor to their current banking relationships over the next year.
A combination of regulators and governments starting to encourage financial service innovation together with Fintech companies introducing greater transparency in order to compete has set the wheels in motion for a revolution in the sector. In the last two years, the sector has seen increased competition and better alternatives. In the next 2 years’ time, the balance of power within the relationship between the consumer and the providers of financial services will have fundamentally changed. The customer will have access to real-time payments and personalized products that his or her company really needs while excessive or punitive fees will have disappeared.
”Romania has exceeded all our expectations with respect to number of clients ready to explore alternatives to traditional banking services. We have passed the level of early adopters and are now moving to the early majority,” said Johan Gabriels, Country Manager Romania and Bulgaria.
”The experience of this last year has shown us that companies in Romania are increasingly aware of the impact of currency fluctuations on their company’s results. Our goal is to increase the level of education in the management of foreign exchange risk and, at the same time, to support these companies with personalized strategies to protect against currency volatility,” said Gabriels.
According to Ebury’s statistics, less than 15 percent of Romanian importers and exporters have a hedging plan, compared with more than 60 percent in Western European countries. Hedging is a method of covering currency exchange risk by buying or selling a currency so that if a sudden currency fluctuation occurs, the company’s revenue will not be affected.