Romanian-born company FintechOS, a global technology provider for banks, insurers and other financial services companies, announced it has raised $60mn in Series B funding.
The round was led by Draper Esprit, a venture capital firm whose investments include Form3, ICEYE, Revolut, Thought Machine and UiPath.
Existing investors include Earlybird Digital East and 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 US, 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 personalisation 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.
FintechOS promises to enable financial service providers to “start small, think big and scale fast”, instead of lengthy and laborious rip and replace digital transformation strategies that require high levels of technology expertise and investment. 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.
“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,” said Teodor Blidarus, co-founder and CEO at FintechOS.