Romanian startup gets $14mn financing to help banks compete with fintech

Romanian startup gets $14mn financing to help banks compete with fintech
By Iulian Ernst in Bucharest December 11, 2019

Romanian startup FintechOS has raised $14mn in a Seed A financing round to develop its product that essentially allows banks and insurance companies to move faster in response to customer demand and keep up with new fintech players, the company said on December 10. 

FintechOS said it will use the fresh capital to continue its expansion across Europe, South East Asia and the US 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 time to market for its products.

“We created FintechOS to transform the financial industry, empowering banks and insurance companies to act and react faster and 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, according to the company’s press release. 

The funding round was 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 the new financing round.

Dan Lupu, partner at Earlybird, described FintechOS as a “pioneer in a booming market”.

“FintechOS’s technology is transformational in its ability to provide true end-to-end digital automation for all services and products that banks and insurance companies offer. This new technology is inexpensive and versatile, ultimately enabling massive cost savings and growth stimulators for financial institutions,” commented Adam Niewinski, general partner at OTB Ventures. 

FintechOS’ technology platform lets traditional banks and insurance companies adapt to rapidly changing customer expectations, and match the speed and flexibility of fintech startups with personalised products and services, in weeks rather than months or years.

The banks and insurance companies can then launch multi-cloud software as a service (SaaS) deployments, transitioning to the cloud and on-premises deployments, working alongside the existing technology infrastructure. FintechOS has partnerships with Microsoft,  EY, Deloitte, Publicis Sapient and CapGemini to allow deployment in multiple markets.

Started in 2017 by serial entrepreneurs Teodor Blidarus and Sergiu Negut, the company now has customers in more than 20 countries across three continents.