Where to Outsource Fintech Software Development in 2023?

Outsourcing fintech software development to countries like Romania, Poland, and Bulgaria has made significant strides in recent years. The quality-to-price ratio and expanding talent pools in these areas have earned them a strong reputation in the international IT outsourcing industry. Many American and European companies favor Romanian developers and specialists from other Eastern European countries because of excellent technical skill sets, experience, lower salaries and taxes than in the US, and capacity for success in cross-cultural teams.

To connect you with local experts, you will need to hire a reliable IT recruitment agency that will find the best professionals to take care of your product. Alcor focuses on finding Senior and C-level executives for companies producing software in Romania, Poland, Bulgaria, and other countries in Eastern Europe. And, in this post, we’ll talk about outsourcing to Romania and the country’s thriving software development industry.

Romanian IT Experts and Software Development Firms

The number of software developers in Romania is now among the top three in all of Eastern Europe. The Kearney Global Services Location Index for 2021 ranks Romania as one of the top 35 locations worldwide for software outsourcing. Suppliers in the area employ 191,965 people. As of January 2023, the top 380+ software development businesses in Romania are ranked on Clutch, a platform that rates the finest IT companies across multiple categories.

When you outsource software development to Romania, you can take advantage of their expertise in a variety of different fields. Most local enterprises focus on providing software development for the business services sector. Apart from fintech, healthcare and e-commerce industries are also the ones in which Romanian software engineers excel. Therefore, think about outsourcing to Romania if you work in those specific fields. Other industries besides automotive and IT that often outsource to Romania include education, retail, telecommunications, and others.

Software Research and Development Centers in Romania

Romania has long established itself as a popular destination for IT outsourcing by multinational corporations. You may be familiar with some of these names: HP, Huawei, Ericsson, Siemens, Oracts, Gameloft, Porsche, and Siemens. The research and development industry employs over 20% of Romania’s IT workers. It has implications for both the pros and cons of outsourcing to Romania. On the one hand, having such behemoths in one’s field might increase competition for the top staff. However, these multinational corporations raise the standard for their staff members, which means that other professionals in the market need to catch up if they want to remain competitive.

Romania’s Most Important Tech Hubs

Bucharest, being the country’s capital, is home to the largest concentration of technological colleges and graduates. The highly developed technological infrastructure present in places like Cluj-Napoca and Iasi facilitates software outsourcing to Romania. Smaller centers for IT and BPO outsourcing may be found in Targu Mures, Brasov, Constanta, and Sibiu. Let’s take a closer look at three major cities in Romania that serve as outsourcing hubs: Bucharest, Cluj-Napoca, and Iasi.


Bucharest has about 130 technology companies based there as of January 2023. 85% of the market is made up of small merchants with fewer than 250 professionals on staff. There are 18 major and medium-sized businesses here. Business services, online retail, banking, and healthcare are heavily represented among Bucharest-based companies.


Many of Romania’s best outsourcing service providers are headquartered in Cluj-Napoca. There are now 174 outsourcing firms located here. 15 medium- to large-sized companies have chosen to outsource their software development to Romania. In terms of sector expertise, companies headquartered in Cluj-Napoca provide services mostly to the banking, medical, retail, IT, and auto sectors.


When it comes to outsourcing fintech software development to Romania, the northern city of Iasi is where much of the action is. We found 33 providers in Iasi listed on Clutch. Despite the lack of major corporations, 5 medium-sized businesses have set up shops in Iasi. The majority of the work done by local engineers is in the business, healthcare, education, logistics, and supply chain sectors.

Software Engineer Education in Romania

More than 8,200 engineers and computer science experts are among the graduates of Romania’s 41 Technical Universities every year. Each year, there are 500,000 new entrants, of whom 27,000 are overseas students. Outsourcing to Romania is useful because of the large number of students in the country.

The fact that 14 of Romania’s universities are among the best in the world for computer science is a boon to software development in the nation. In Romania, 6.8% of the total number of students who might enter the market of outsourcing are majoring in information and communication technologies.

Many Romanian software engineers begin their careers as interns at computer firms before they graduate. The students in Romania are working in software development firms despite their lack of a technical degree.

Advantages of Romania as an IT Destination

According to the Kearney Global Services Location Index 2021, which ranks the most desirable offshore locations, Romania is rated 32nd. The country is a popular destination for fintech software development companies due to the low costs and highly skilled workforce. Since 2007, it has been a member of the European Union, and in terms of both population and GDP, it is the 18th biggest economy in the EU and the 12th largest in the world.

Dynamics of the IT Market in Romania

Romania’s IT sector accounts for 2.83 percent of GDP. However, ANIS Romania predicts that by 2025, this number will rise to 10%. The government is making an effort to develop Romania’s information technology industry. They’ve been working on improvements to boost the quality of CS education and attract more corporate sponsorship since 2007. Because of this, the Central and Eastern European Startups 2021 study estimates that $1.9 billion has been invested in Romania during the last six years.

According to the Evozon survey, 353 startups are operating in Romania, making the country a favorable environment for new businesses. According to StartupBlink, it has the 42nd-best startup ecosystem in the world, placing it ahead of only Hungary, Slovakia, and Latvia. One of these companies, UiPath, has even gone global, with offices in New York, London, Singapore, and Tokyo.


Romania is an attractive location for hiring talented software developers because of the high quality and low cost of their IT services. To begin, prioritize the aspects of your company that mean the most to you. Then, choose the right IT recruitment agency to meet your needs with the right experts. IT researchers from Alcor evaluate the Eastern European technology industry, build a profile of the perfect candidate, and tap into relevant candidate resources, while our IT recruiters are adept negotiators and HR professionals. They are skilled at convincing potential workers of the merits of working for your company. With us, you will get your dream team in Romania.