Romanian-born FintechOS gets USD 10 mln from IFC

The International Finance Corporation (IFC), a member of the World Bank Group, invested USD 10 million in FintechOS, a global technology provider for banks, insurers and other financial services companies founded in Romania.

The investment "will address the digital transformation needs of banks and insurance companies, thereby reaching unserved and underserved populations at scale and promoting financial inclusion," the IFC said.

FintechOS's platform has the potential to deliver financial services more accessibly, at lower cost and with improved impact, the IFC said. The institution will also support the company's global expansion strategy by facilitating partnerships with IFC's network of bank clients and partners.

"Despite the emergence of new technologies such as low-code, financial institutions both large and small simply don't have the right tools to improve the accessibility, affordability and impact of financial services for those financially excluded," Teodor Blidarus, co-Founder and CEO at FintechOS, said. "With IFC's investment and support, our unique technology can help ensure underserved individuals and businesses have access to essential financial services."

"Given the demands of a rapidly evolving financial services industry, software companies like FintechOS can significantly help accomplish digital transformation of the industry, which is very much-needed in Southeast Europe," said Ary Naïm, IFC's Regional Manager for Central and Southeast Europe. "Further, as a leading emerging market investor in fintech and conventional financial institutions, IFC's support will help expedite the industry's ongoing digital transition, increasing access to finance and promoting inclusive growth in the region and potentially across the globe."

Earlier this year, FintechOS, founded by Romanian entrepreneurs Teodor Blidarus and Sergiu Negut in 2017, raised USD 60 million in Series B funding. The round was led by Draper Esprit, a leading venture capital firm whose investments include Form3, ICEYE, Revolut, Thought Machine, and UiPath. Existing investors Earlybird Digital East, Gapminder Ventures, LAUNCHub Ventures, and OTB Ventures also participated in the round.

(Photo: Artur Szczybylo/Dreamstime)