Romanian tech startup FintechOS, founded in 2017 by local serial entrepreneurs Teodor Blidarus (right) and Sergiu Negut, has raised USD 14 million in a Seed A financing round led by Earlybird’s Digital East Fund and OTB Ventures. Earlybird was also one of the first investors in robotic process automation (RPA) company UiPath, the first Romanian tech unicorn.
FintechOS existing investors Gapminder Ventures and Launchub also participated in this new financing round. In 2018, GapMinder led the Seed round of investment for the same company which totaled USD 2 million.
The company will use the fresh capital to continue its expansion across Europe, South East Asia and the US markets and maintain the 450% Annual Recurring Revenue (ARR) recorded in 2019. The company will also invest heavily in the continued development of more pre-built, ready to deploy apps, services and solutions to further reduce products' time to market.
FintechOS develops technology that helps traditional banks and insurance companies to adapt to rapidly changing customer expectations, and match the speed and flexibility of fintech companies, their new and technology-driven competitors. The FintechOS platform provides end-to-end digital automation for all insurance and banking products, in an inexpensive way and working alongside the existing technology infrastructure. The platform can be deployed both as part of multi-cloud SaaS, helping clients transition to the cloud, and on-premises deployments.
FintechOS offers more than 150 integrated sources of data out-of-the-box (from social and contextual to cloud and enterprise systems), more than 20 automated financial processes (AI-enabled areas like KYC, Customer 360, pricing, risk analytics) and a marketplace with more than 50 open source, ready-made apps to kick start the use of the technology in the field of client onboarding, lending, savings, insurance, pensions and wealth management. Existing partnerships with Microsoft, EY, Deloitte, Publicis Sapient and CapGemini allow fast deployment in multiple markets.
“Our disruptive approach is customer, not technology-driven. We created FintechOS to transform the financial industry, empowering banks and insurance companies to act and react faster than fintechs, to create a smarter, slicker customer experience. As a result, hyper-personalised services and elevated customer experiences are now available almost plug and play,” said Teodor Blidarus, CEO and Co-Founder of FintechOS.
(Photo source: the company)