Across the globe, financial service providers are planning to invest heavily in new technology to accelerate digitalisation. However, many institutions are struggling with existing digital transformation strategies. And here’s where the UK company FintechOS comes into play.
With its low-code, self-service approach that augments legacy systems, FintechOS allows institutions to build, test and scale new digital products and services in weeks rather than months.
Secured £43M
Recently, the London company has secured $60 million (approx £43 million) in a Series B funding round. The round was led by Draper Esprit, a VC firm whose investments include Form3, ICEYE, Revolut, Thought Machine, UiPath.
Existing investors Earlybird Digital East, Gapminder Ventures, LAUNCHub Ventures, and OTB Ventures also participated in the round. Further investors are set to be announced at a later date.
How will the funding be used?
The funds will be used to cement the company’s position in Europe and the UK and fuel international expansion to target financial institutions in Asia-Pacific, Middle East and Africa, and North America.
The international expansion includes new offices in the USA, Dubai, and Singapore, along with the addition of 120 new staff members resulting in a 40% increase in overall headcount.
Part of the funds will be used to expand its core systems capabilities in banking and insurance. The overall aim is to accelerate growth beyond the 200% CAGR achieved to date.
What does FintechOS do?
Founded by Sergiu Negut and Teodor Blidarus in 2017, FintechOS empower organisations to become truly customer-centric, helping them to adopt a data-driven approach, and consolidate critical data from multiple sources like databases or IoT devices.
Teodor Blidarus, co-Founder and CEO at FintechOS commented: “When we launched FintechOS in 2017, we could already see existing solutions to digital transformation would struggle to deliver tangible results. By contrast, our unique approach has quickly inspired a sea-change in how financial institutions address digitisation and engage with their customers. Events over the last year have only increased pressure on our industry to evolve, and as a result, we’re seeing growing demand for our powerful platforms.”
Sergiu Negut, co-Founder, CFO & COO at FintechOS added: “Not only is our technology helping financial institutions become customer-centric, but it’s also helping them provide products and services to more people and businesses. With so many markets still underserved, the ability to tailor offerings to a segment of one offers the opportunity to increase financial inclusion and adheres to our ideal that easy access to financial services is essential.”
Vinoth Jayakumar, Partner at Draper Esprit commented: “When we met Teo and Sergiu, we were immediately convinced of their vision: a data-led, end-to-end platform, facilitated with a low-code/no-code infrastructure. Incumbent financial services firms have cost-to-income ratios up to 90%, so we see a huge and increasing need for infrastructure software that allows digitisation at speed, ease, and lower cost. Draper Esprit builds enduring partnerships; with the team at FintechOS we hope to build an enduring fintech company that will dramatically change financial services experiences for people all over the world.”