Across the globe, financial service providers are planning to invest heavily in new technology to accelerate digitalization. However, many institutions are struggling with existing digital transformation strategies. Enter FintechOS, a London, England-based FinTech startup that is driving a paradigm shift in how banks, financial services, and insurance companies engage with their customers.
Instead of lengthy and laborious rip and replace digital transformation strategies that require high levels of technical expertise and investment, FintechOS allows financial service providers to start small, think big and scale fast. With its low-code, the 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.
Today, FintechOS announced it has raised $60 million (EUR51 million) in Series B funding to cement its position in the UK and Europe and fuel international expansion. The round was led by Draper Esprit, a leading venture capital firm whose investments include Form3, ICEYE, Revolut, Thought Machine, UiPath, with participation from existing investors including Earlybird Digital East, Gapminder Ventures, LAUNCHub Ventures, and OTB Ventures.
Founded in 2017 by Sergiu Negut and Teodor Blidarus, FintechOS consolidates critical data from multiple sources like existing databases and ecosystem APIs and these rich data insights are automatically plugged into every step of the customer journey to create truly personalized offerings. Our tech integrates seamlessly with existing IT systems and our low code tools quickly empower organizations to design personalized customer experiences.
The funds will be primarily 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. 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.
Teodor Blidarus, co-Founder and CEO at FintechOS said, “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.”
FintechOS also said that it 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.
“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,” FintechOS co-Founder, CFO & COO Sergiu Negut added.