Romanian factoring market surpasses €10.5bn in 2025, recording 12% growth yoy

The Romanian Factoring Association today publishes the results of the annual ARF–Ipsos study for the full year 2025. The Romanian factoring market reached a total volume of €10.503bn — nearly six times higher than the €1.8bn recorded 15 years ago — consolidating its position as an essential financial instrument for Romanian companies across all size segments and regions of the country.

Key market figures for 2025

The ARF–Ipsos 2025 study, based on data collected from the main market participants — both association members and non-members — between January 20 and February 6, 2026, provides a comprehensive overview of the Romanian factoring market for the 2025 financial year.

· Total market volume: €10.503bn, up 12 per cent compared with 2024 (€9.356bn).

· Domestic factoring: €9.289bn — 88 per cent of the market, up 13 per cent compared with 2024.

· Export factoring: €1.050bn — 10 per cent of the market, up 8 per cent compared with 2024.

· Import factoring: €163.6m — 2 per cent of the market, up 3 per cent compared with 2024.

Market growth accelerated compared with the first half of 2025 (H1 2025: €4.89bn total), confirming a sustained positive dynamic throughout the year.

Market structure: non-recourse factoring and the consolidation of risk-transfer preference

The Romanian factoring market is 89 per cent dominated by non-recourse factoring, products that transfer the risk of non-payment from the supplier to the factor. This share increased by 12 per cent compared with 2024, reflecting both a maturation of demand and a better understanding of the benefits of outsourcing credit-risk management.

Within domestic non-recourse factoring, Reverse Factoring — a product through which large companies optimise their supply chains and improve the liquidity of their commercial partners — reached a volume of €3.624bn, up 6 per cent compared with 2024.

Statements

Bogdan Roșu (pictured), President, Romanian Factoring Association, commented:

On private-sector resilience amid fiscal consolidation

“The 12 per cent growth of the factoring market in 2025 must be interpreted within Romania’s real macroeconomic context: a year in which real GDP growth remained below 1 per cent, inflation exceeded 9.5 per cent at year-end, the National Bank of Romania’s policy rate remained frozen at 6.5 per cent, and the budget deficit stayed around 8.4 per cent of GDP — the highest in the European Union.

Under these conditions, a 12 per cent expansion in the factoring industry is not a trivial performance; it is evidence that Romania’s private sector has actively sought and found alternative financing instruments to traditional bank credit, which has become more expensive and restrictive in a high-interest-rate environment.

Crossing the €10.5bn threshold confirms not only the maturation of this instrument within the Romanian economy but also its structural impact on financing the real economy. In 2025, factoring was one of the few financial segments that grew against the macroeconomic tide.”

On inflation and the liquidity squeeze as drivers of adoption

“There is an apparent paradox in the 2025 data: an economy that entered a technical recession in the fourth quarter and a factoring market expanding at an accelerated pace. The paradox becomes simple when we understand the mechanism: inflation close to 10 per cent, combined with wage freezes in the public sector and weakening consumption, placed enormous pressure on corporate cash flows.

Payment terms lengthened, the cost of capital remained high, and credit became even more selective. In such an environment, factoring — particularly non-recourse factoring — becomes not merely a financial optimisation tool but an operational necessity.

The increase in the number of new clients, including from the small-company segment, confirms precisely this dynamic.”

On the outlook for 2026

“Looking ahead to 2026, Romania’s macroeconomic landscape is changing, though not necessarily becoming simpler. The European Commission projects GDP growth of around 1.1 per cent, while the National Bank of Romania expects inflation to decline to approximately 3.7 per cent by year-end, supported by favorable base effects and ongoing fiscal consolidation.

The first cycle of monetary policy rate cuts — expected sometime between May and August 2026 — will gradually create space for a recovery in lending. This means the factoring market is entering a year in which the monetary environment becomes more supportive, but competition for corporate financing clients will intensify.

Our industry must be prepared to demonstrate the distinctive value of factoring compared with traditional credit, rather than relying on market liquidity shortages as the primary engine of growth.”