Fagura Review

What it is

Fagura is a lending marketplace from Moldova and Romania where you fund consumer and small-business loans from €25. The brand started in Chișinău in 2019. In the EU it works through Fagura Finance S.R.L. in Bucharest, licensed by Romania's financial regulator, the ASF, under the EU crowdfunding rules; the main site fagura.com is run by a separate Moldovan company, Fagura Capital SRL. As of October 2026 the statistics page shows 3,894 loans and €21.0 million invested by investors in new loans since 2019.

How it works

You pick loans yourself or use auto-invest. Each borrower gets a grade from A to G, which sets the interest rate; borrowers pay between 6.5% and 38.9% a year, on average 21.9% (October 2026). A secondary market lets you sell loans at their value, at a discount or at a premium. Fagura Prime is a separate managed product: 8.5% a year fixed, from €5,000, spread over many small-business loans and backed by a reserve fund.

Returns

Fagura advertises returns of 10% to 20% a year. Its own measured return (XIRR, based on investors' actual cash flows) is 10.60% for all investors (as of 21 October 2026), down from 11.77% shown in August 2026. The split by market matters: 11.53% for investors in Moldova, but only 4.21% for the 378 investors in Romania. The platform does not say whether these figures are before or after its 2.5% servicing fee.

Losses and defaults

Fagura publishes detailed loss data. Calculated from the platform's own figures, about 5.97% of all money lent since 2019 has been lost after recoveries, including loans sold to debt collectors (as of 21 October 2026). Under the EU crowdfunding rules' definition, 11.15% of loans defaulted in the 2026 window (73 of 655). Of the €8.1 million still outstanding, 10.81% is more than 90 days late, up from 6.79% in 2024. The Romanian loans have done much worse: 32.78% of that book is more than 90 days late, its 2026 default rate is 25.24%, and about 21% to 25% of the money lent there in 2024 and 2025 is counted as lost. Of completed loans, 7.33% were sold to debt collectors.

What secures your money

Nothing secures the marketplace loans: they are unsecured loans to private people and small businesses, with no buyback. Defaulted loans are chased and then sold to collection agencies. Only Fagura Prime has a reserve fund, which repays the remaining principal once a loan is 91 days late; Fagura says it is not a guarantee, and the size of the fund is not published. For you this means that when a borrower stops paying, you usually get back only part of the money, and your return depends on the borrower grades you choose.

Who runs it and its licence

The licensed EU company is Fagura Finance S.R.L., Bucharest (tax code 44221810), authorised by the ASF as a crowdfunding service provider under authorisation PJR28FSFPR/400003 of 4 September 2023, and passported to France since 15 January 2024. Its 2023 accounts showed no revenue and a net loss of 330,668 lei. Investors who sign up on fagura.com contract with Fagura Capital SRL in Chișinău, Moldova (company number 1024600049862), the Moldovan company that operates the main site. It states a Moldovan crowdfunding licence (National Commission for Financial Markets, register no. 1, decision 51/2 of 5 November 2024), not confirmed in the register. That contract is under Moldovan law, so EU crowdfunding protections do not apply to it.

Fees

Investors pay a servicing fee of 2.5% of every payment received, €1 per withdrawal and €5 a month after six months without activity. A monthly administration commission is set in each loan contract and not published as a figure. Leaving Fagura Prime costs 2.5% of the amount withdrawn.

Getting your money out

Loans last on average about 30 months. You can sell loans early on the secondary market, at a discount if needed. On fagura.com, uninvested cash sits in payment accounts at a Moldovan payment service provider that is not named, outside EU safeguarding rules.

Our view

Return: High — a measured 10.60% a year for all investors, but only 4.21% for investors in Romania. Risk: Very High (higher means more risk) — unsecured loans, 10.81% of the outstanding book more than 90 days late and rising, very weak results on Romanian loans, and fagura.com investors contracting outside EU supervision. Risk-return: Low — the return is not high enough for this level of loss and late payment.