FintechOS, the fintech startup founded in Bucharest that provides personalized and low-code digital infrastructure for banks, insurers, and other financial institutions, has raised $60M in Series B funding to continue with the international expansion. The investment round is led by Draper Esprit, with the participation of previous investors Early Bird Digital East, LAUNCHub Ventures, Gapminder VC, and OTB Ventures.
Now, FintechOS will be looking to strengthen its position in Europe and the United Kingdom while continuing with the international expansion in Asia-Pacific, the Middle East, Africa, and North America. The company’s plans also include USA, Dubai, and Singapore offices. The startup, started in 2017 by Teo Blidarus as CEO and Sergiu Negrut in the CFO chair, will also be directing the investment towards growing its core systems capabilities in banking and insurance, strengthening the low-code self-service proposition and personalization through AI and machine learning in customer journeys and product and services offerings. The overall goal is to accelerate growth beyond the 200% CAGR achieved to date.
“The question is not whether banks and insurance companies should accelerate their digitalization and innovation efforts to remain relevant and long-term partners to their customers. The question is how this can be achieved in a reliable but fast and effective manner. FintechOS platform provides the answers for anyone asking the how-to question,” shares Rumen Iliev, partner at LAUNCHub Ventures in front of The Recursive.
In the face of the Covid-19 pandemic, the financial service market looks more than ever ready for digitalization and is actively looking for providers that can offer transformation strategies and can lead them from building to testing and scaling products and services in weeks rather than months. “FintechOS is operating on a paradigm shift – their products and services are transformative for the financial services industry and possibly even other sectors in the future. Its vision and state-of-the-art technology help banks and insurance companies drastically speed up implementing new and fully automated ways to deliver their services to their customers or interact with their employees and ecosystems. All of this while increasing ROI and easily interacting with existing systems,” explains Dan Mihaescu, founding Partner at GapMinder Venture Partners.
Currently, over 40 large financial institutions run on FintechOS infrastructure, including Erste Bank, Societe Generale, Vienna Insurance Group, TBI Bank, Uniqa, and others.