FLOWX.AI, an enterprise platform that enables banks and financial institutions with complex IT infrastructures to build fast modern digital experiences freed from their legacy infrastructure, announced that it has raised $8.5mn in a seed round.
The round, which is one of the largest European seed rounds this year, was led by PortfoLion Capital Partners, a member of the Hungarian OTP group. Other institutional investors are Day One Capital and SeedBlink.
The Romanian startup will use the capital to expand in Europe and the US, expecting to grow the team by more than 20 people until the end of Q1 2022 to face the surging demand from banking and other financial industry companies worldwide.
Also, the engineering and data science team will increase bandwidth to enhance its AI components and develop new functionality.
The platform enables financial institutions to launch complex solutions in just ten weeks — mortgage, pre-approved lending, onboarding – without requiring them to change their existing systems.
FLOWX.AI Inc was founded in late 2020 by Ioan Iacob, the company’s CEO, Serban Chiricescu, its CTO, and Radu Cautis, and started operating in 2021. Previously, Iacob, Chiricescu and Cautis worked together at digital transformation consulting company Qualitance.
“This seed funding, less than a year after starting FLOWX.AI, proves that the problem we address is massively painful – legacy infrastructure is holding back enterprises from growing. This financing will support us in extending our offering globally, to giving companies back the freedom to build to more – together with our expanding network of global consulting and system integration partners,” said Iacob.
“FLOWX.AI has a huge market potential with a plausible promise of fast becoming a global player in digital transformation. Their solution stands out as it provides unmatched speed and security for modernizing the legacy systems of large enterprises. In an era of developer shortage, it’s fascinating to see such excitement and inbound interest from the developer community,” said Gábor Pozsonyi, partner at PortfoLion.
Kazakhstan and Uzbekistan’s combined IT exports surpassed $800mn in 2023. The Kazakh IT sector's export revenue jumped from $50mn in 2020 to over $500mn last year. Astana Hub was a major ... more
Uzbekistan has introduced the National Programme of Action for the Digitalisation of Agriculture. Aimed at modernising the country's agrifood system, the programme is the culmination of a ... more
Russian banking TCS Group Holding, which operates the country’s only pure online bank Tinkoff, has suspended the trading of its depository receipts on the Moscow Exchange (MOEX) from February 20, ... more