- FintechOS' low-code approach to digital transformation
has seen rapid adoption from financial institutions across
Europe
- Investment will be used to cement its position in UK and
Europe and fuel international
expansion
- FintechOS to add 120 in headcount and set-up new offices
to support market drive
LONDON, April 20, 2021 /PRNewswire/ -- FintechOS the
global technology provider for banks, insurers and other financial
services companies, today announced it has raised USD60 million (EUR51
million) in Series B funding. The round was led by Draper
Esprit, a leading venture capital firm whose investments include
Form3, ICEYE, Revolut, Thought Machine, UiPath. Existing
investors Earlybird Digital East, Gapminder Ventures, LAUNCHub
Ventures, and OTB Ventures also participated in the round.
Further investors are set to be announced at a later date.
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. 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
personalization through AI and machine learning in customer
journeys and product and services offerings. The overall aim is to
accelerate growth beyond the 200% CAGR achieved to date.
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. Instead of lengthy and laborious rip and
replace digital transformation strategies that require high levels
of technology expertise and investment, FintechOS allows financial
service providers to start small, think big and scale fast. 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.
Teodor Blidarus, co-Founder and CEO at FintechOS
commented: "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."
Sergiu Negut, co-Founder, CFO
& COO at FintechOS added: "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."
Vinoth Jayakumar, Partner at
Draper Esprit commented: "When we met Teo and Sergiu, we
were immediately convinced of their vision: a data led, end-to-end
platform, facilitated with a low-code/no-code infrastructure.
Incumbent financial services firms have cost-to-income ratios up to
90%, so we see a huge and increasing need for infrastructure
software that allows digitisation at speed, ease and lower cost.
Draper Esprit builds enduring partnerships; with the team at
FintechOS we hope to build an enduring fintech company that will
dramatically change financial services experiences for people all
over the world."
Note to editors:
Press kit with associated imagery can be found here:
https://drive.google.com/drive/u/0/folders/1cBnnb4D7sBxtZqKADyeFHpNiXhGHW_6F
About FintechOS
FintechOS is driving a paradigm shift in the way financial
products and services are created by making banks and insurers
truly customer centric.
We consolidate 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.
These capabilities free our customers to tailor products,
services, and interactions to a segment of one, increase ROI and
decrease time-to-market.
FintechOS Lighthouse is designed to build end-to-end
banking customer journeys that are fit for the future -
it enables the delivery of smarter, personalized products and
services. Pre-built functionality and low-code empower
organizations to create value quickly. Move away from legacy
systems or keep them in place - it's all possible.
FintechOS Northstar, our customer-centric platform for
insurance lets insurers deliver clever products and services, at a
faster rate. Our platform makes continuous innovation and fast
go-to-market a reality. At the same time, it reduces cost via
end-to-end digital customer journeys and increased
efficiencies.
The FintechOS Innovation Studio opens up access to
technology through a low code framework. It's a space where your
non-technical teams can create and launch personalized products and
journeys - all driven by data and powered by automation.
More than 40 institutions run on FintechOS, including Erste
Bank, Societe Generale, Howden Group Holdings, Vienna Insurance
Group and many more. Our reach spans 20 markets and four
continents. We manage more than $100bn in assets and have offices in London, Amsterdam and Bucharest. To find out more, visit us at
https://fintechos.com/
About Draper Esprit
Draper Esprit is one of the most active venture capital firms in
Europe, developing and investing
in disruptive, high growth technology companies. We believe the
best entrepreneurs in Europe are
capable of building the global businesses of the future. We fuel
their growth with long-term capital, access to international
networks and decades of experience building businesses. Currently,
Draper Esprit is a shareholder in a diverse portfolio of companies
including Trustpilot, UiPath, Cazoo, and Graphcore. For more
information please visit: www.draperesprit.com
Logo -
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PR Contacts
FintechOS Press
Relations: Cristina Danila | cristina.danila@fintechos.com
CCgroup PR for FintechOS: Wilf
Collins / Medha Pal
wilfred.collins@ccgrouppr.com /
medha.pal@ccgrouppr.com