Romanian FintechOS raises USD 60 mln in Series B funding round to continue international expansion

Romanian-born company FintechOS, a global technology provider for banks, insurers and other financial services companies, has raised USD 60 million (EUR 51 million) in Series B funding. The company didn’t mention the valuation at which this round took place.

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. Further investors are set to be announced at a later date.

The company will primarily use the funds to cement its position in Europe and the UK and fuel international expansion to target financial institutions in Asia-Pacific, Middle East and Africa, and North America. This 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.

FintechOS also plans to use the funds to expand 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 service offerings. The overall aim is to accelerate growth beyond the 200% CAGR achieved to date.

Across the global financial service providers are planning to invest heavily in new technology to accelerate digitalization. FintechOS aims to ride this wave and become a leading technology provider. 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, the company says.

“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 digitization 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. Our latest round of funding will help us grow at the pace needed to improve outcomes for financial institutions and their customers globally,” said Teodor Blidarus, co-Founder and CEO at FintechOS.

“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. We’re delighted to be working with investors who share our views on how fintech should be transforming the financial services industry,” added Sergiu Negut, co-Founder, CFO & COO at FintechOS.