Bucharest, May 26, 2025 – RBJ – Today, the Mastercard Strive EU program, supported by the Mastercard Center for Inclusive Growth, announced two Innovation Fund winners, Fagura and Idea Morph, from Romania. The two winners offer digital and data-first solutions to small businesses to enable them to navigate Europe’s twin transitions to a more digital and sustainable economy.
Each will receive a total grant of €75,000, along with mentorship, bespoke support, capacity building and networking opportunities to accelerate the development of their solutions through the wider Mastercard Strive network. Launched in 2023, the program supports 10 other innovations across the EU to bolster the growth and digitalization of European small businesses.
This Innovation Fund specifically targeted Romanian innovative organizations and startups that can enable small businesses across Europe to:
Unlock working capital and credit through embedded finance;
Go digital safely by bolstering cybersecurity;
Navigate evolving consumer preferences & regulatory expectations around environmental sustainability;
Harness artificial intelligence to save time and make money.
Micro and small businesses are the backbone of the Romanian economy, making up 19 out of 20 Romanian companies, and employing almost half the population. However, they face significant challenges in digital transformation, especially in areas such as cybersecurity, artificial intelligence and embedded finance.
“Romania is one of the fastest-growing economies in the EU, offering a wealth of innovative solutions to digitalization challenges. With the right support, innovators can expand their reach and tailor these solutions to the unique needs of small businesses in an increasingly tech-driven economy,” said Cosmin Vladimirescu, General Manager of Mastercard for Romania and Croatia.
Surfacing new innovations from Romania
Applicants to the Innovation Fund were invited to participate in a one-day venture-building bootcamp “Small Businesses, Big Opportunities: Creating Pathways for Growth” in Bucharest. The event focused on promoting collaboration and knowledge-sharing, as well as amplifying small business voices while addressing key challenges to small business growth and resilience in the region.
During the bootcamp, applicants had the chance to engage with key stakeholders from the small business support ecosystem, including government officials, financial institutions, and industry experts.
“Mastercard Strive offers real support to the many micro-entrepreneurs striving to access the right tools to grow their businesses,” says Cristina Sindile, CEO of BT Mic, who attended the bootcamp in Bucharest. BT Mic is a Romanian microfinance provider offering accessible loans and support services to micro and small businesses.
Topics such as business transformation in a dynamic global context, as well as the challenges and opportunities for small business growth, were among the key discussion points. Participants engaged in interactive workshops, through which they learned to define and communicate their unique value propositions while strengthening product-market fit using key growth metrics. The sessions also covered strategies to attract sustainable funding and scale effectively.
In addition to financial support, the winners will benefit from tailored mentorship and technical support, access to global expertise through the Mastercard Strive Café peer-learning and networking sessions, and select resources from the Mastercard Start Path program, focused on fintech and digital commerce. Additionally, they will have the opportunity to participate in the Mastercard Strive EU summits, where they can showcase their solutions and pitch at the European level, gaining valuable exposure and publicity.
Most importantly, winners will benefit from the strategic guidance, support, and networking offered by the Mastercard Strive EU Small Business Council, a group of European experts and business leaders chaired by Mark Barnett, President of Mastercard Europe, and including Member of the EU Parliament from Romania, Andi-Lucian Cristea.
“I am glad to be able to contribute to this initiative, not only at the European level, but also by supporting the entrepreneurial ecosystem in Romania—a community in full transformation, with real potential for innovation and economic impact,” says Andi-Lucian Cristea.
The innovation fund winners offer a variety of digital solutions, carefully selected to support small businesses in their digitalization and growth journey:
Idea Morph: A community-focused open co-creation platform that makes expert knowledge, proven innovation methods, and AI-driven tools accessible to small businesses, breaking down barriers that once limited these resources to large or well-funded organizations.
Fagura: Developed an AI-powered financial widget that leverages small business data to quickly assess creditworthiness, enabling seamless access to financing and working capital through embedded finance solutions and connections with investors.
Mastercard Strive is a global initiative aiming to reach 18 million micro and small businesses around the world and is supported by the Mastercard Center for Inclusive Growth. The Mastercard Strive EU program is delivered in partnership with Caribou.
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Background: Micro and small business landscape in Romania and the EU
In the EU, MSMEs constitute more than 99% of all business enterprises and employ more than 64% of the EU workforce [1]. In Romania, they comprise 99.7% of active companies and contribute significantly to employment and gross value added. Those with fewer than ten employees and a turnover of less than €2 million, make up the largest segment of active enterprises, accounting for around 90% of all SMEs.
However, SME productivity in Romania lags behind the EU average, with SME value added per employee (€16,500) well below the EU’s €40,000 benchmark. Digital adoption is also a challenge, as Romania ranked last in the EU’s 2023 Digital Economy and Society Index, highlighting gaps in human capital, business digitalization, and connectivity [2].
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The Mastercard Center for Inclusive Growth advances equitable and sustainable economic growth and financial inclusion around the world. The Center leverages the company’s core assets and competencies, including data insights, expertise, and technology, while administering the philanthropic Mastercard Impact Fund, to produce independent research, scale global programs, and empower a community of thinkers, leaders, and doers on the front lines of inclusive growth. For more information and to receive its latest insights, follow the Center on LinkedIn, Instagram and subscribe to its newsletter
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Caribou is a global consultancy working with ambitious foundations, companies, and governments to accelerate and deliver impact in a digital age. We apply deep technical expertise and rigor to strategy design, fund and program management, impact measurement, and actionable research. We work towards a world in which digital economies are inclusive and sustainable, driven by secure livelihoods, innovative business models, and bold climate action.
