FintechOS Raises GBP 10.7 Million (USD 14 Million) Series A for Global Expansion
New funding to support further growth in Europe and enable expansion to South East Asia and the US
LONDON, Dec. 10, 2019 /PRNewswire/ — FintechOS, the next generation of hyper-personalised, automated financial technology, announced today it has secured GBP 10.7 million (USD 14 million) of Series A investment. The funding was led jointly by Earlybird‘s Digital East Fund and OTB Ventures, with participation from existing investors Gapminder Ventures and Launchub.
FintechOS empowers traditional banks and insurance companies to adapt to rapidly changing customer expectations and match the speed and flexibility of nimble technology driven competitors. Using the company’s technology, banks and insurers can launch data-driven, hyper-personalised digital products and services with unprecedented speed – weeks rather than months or years. FintechOS offers both multi-cloud SaaS deployments, helping client’s transition to the cloud, and on-premises deployments, working seamlessly alongside the existing technology infrastructure.
FintechOS offers more than 150 integrated sources of data out-of-the-box – from social and contextual to cloud and enterprise systems – and more than 20 automated financial processes for AI-enabled areas like KYC, Customer 360, pricing or risk analytics. Banks and insurance companies can also access a marketplace with more than 50 open source, ready-made apps for client onboarding, lending, savings, insurance, pensions and wealth management. Existing partnerships with Microsoft, EY, Deloitte, Publicis Sapient and CapGemini allow fast 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 and grew its Annual Recurring Revenue by 450% during 2019. The additional capital raised will be used to continue the rapid growth across Europe and to expand to South East Asia and the US markets. FintechOS will also invest heavily in the continued development of more pre-built apps, services and solutions to break down the barriers to multi-channel customer service.
Teodor Blidarus, CEO and Co-Founder of FintechOS, commented: “Our disruptive approach is customer, not technology driven. 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.”
Dan Lupu, Partner at Earlybird, said: “FintechOS is a pioneer in a booming market, with a vision to transform the way financial institutions react to market and regulatory changes. We are proud to become part of a journey that will shape the future of financial services.”
Adam Niewinski, General Partner at OTB Ventures, said: “We are driven to invest in technology companies uniquely positioned to grow exponentially. 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.”
FintechOS believes in changing the way people engage with financial technology. The company’s centrepiece technology, FintechOS 20, puts automation and personalisation at the heart of innovation, allowing financial services providers to transform the digital customer experience quickly and affordably.
The FintechOS portfolio of global clients includes ERSTE, Vienna Insurance Group, Orange Money, Hyperion Group, TBI Bank, Transylvania Bank and Idea Bank. With offices in London, Amsterdam, Vienna, Copenhagen and Bucharest, the company is planning to expand operations to the United States and Asia in 2020. For more information, please visit: www.fintechos.com
Earlybird is a venture capital investor focused on European technology companies. Founded in 1997, Earlybird invests in all growth and development phases of a company. Among the most experienced venture investors in Europe, Earlybird offers its portfolio companies not only financial resources, but also strategic and operational support as well as access to an international network and capital markets. Earlybird manages different funds focussing on digital technologies in Eastern and Western Europe as well as Health Care. With over EUR 1 billion under management, seven IPOs and 24 trade sales, Earlybird is one of the most successful venture capital firms in Europe.
About OTB Ventures
OTB Ventures invests in the best technology companies at early growth stage, with global ambitions and links to Central & Eastern European talent. OTB current fund of $100M is aimed at providing Series A financing to empower and support talented entrepreneurs to scale their businesses globally, while keeping a strong focus on technology advancement. OTB uses its extensive network of contacts in geographies with the highest tech spending (USA, WE & APAC), to help its portfolio companies excel in those markets. OTB’s investments include Iceye, Cosmose, Minit, SpaceKnow, BabbleLabs, Segron and SilentEight.
About GapMinder Venture Partners BV
GapMinder is a venture capital fund investing in high technology companies born in Romania and Central Europe and expanding at international level, at Seed or Series A stages. GapMinder’s partners have a hands-on approach as investors, enhancing companies’ growth via strategic advisory and direct involvement in operational streamlining, corporate governance and financial discipline. GapMinder’s portfolio includes companies such as FintechOS, TypingDNA, SmartDreamers, Deepstash, Frisbo.