FintechOS, a Romanian fintech startup, has successfully raised $60 million (€55.4 million) in a Series B+ funding round.
This round was led by major investors, including BlackRock, Cipio Partners, and Molten Ventures, with participation from existing investors EarlyBird VC, OTB VC, and Gapminder VC.
This funding is a milestone for FintechOS as it continues to scale its innovative financial technology solutions globally.
Romania's FintechOS raises $60 million in Series B+ funding to expand globally and modernize financial services with its innovative low-code platform.Image via FintechOS
What is FintechOS?
FintechOS's platform empowers financial institutions to modernize their core systems and deliver superior customer experiences.
FintechOS provides a low-code and intuitive platform that enables traditional banking and insurance companies to offer modern features and products akin to those provided by neobanks and fintech startups.
Unlike many of its competitors, FintechOS focuses on enhancing existing core infrastructures rather than replacing them entirely, which allows companies to achieve significant transformation without overhauling their entire systems.
CEO Teo Blidarus highlighted the platform's unique advantage, stating, "We can work side by side with the existing core infrastructure of a company, allowing 95% of the transformation without the open heart surgery of a new core replacement." (via TechCrunch)
This approach has been instrumental in attracting a diverse range of clients across various sectors in the US and UK, including major banks and insurers such as Société Générale, Admiral, Benenden Health, Avant Money, and Vibrant Credit Union.
The latest funding round follows previous investments of $14 million in 2015 and $60 million in 2021, underscoring the continued confidence in FintechOS's vision and execution.
The company has experienced substantial growth, including a 40% year-over-year increase and a remarkable 170% boost in operating margins. Since its last funding round, FintechOS has grown by over 300%, further demonstrating the strong demand for its solutions in the global market.
FintechOS's success is a testament to the potential of Romanian tech companies to make a significant impact on the international stage. This is exemplified by the success of other Romanian firms like UIPath.
The recent funding will be used to scale FintechOS's operations internationally, allowing it to reach new markets and expand its customer base.
Vinoth Jayakumar, a partner at Molten Ventures, emphasized the company's role in driving innovation within the financial services sector. "FintechOS is at the forefront of transforming financial services through innovative technology," Jayakumar stated. "Its track record with major banks and insurers demonstrates a rare ability to drive significant change within these organizations."
The company's innovative approach has also earned it recognition from leading industry analysts. In March, FintechOS was named a Representative Vendor in the Gartner Market Guide for Core Banking, Europe Report.
Roland Dennert, Managing Partner at Cipio Partners, praised FintechOS's growth trajectory and its commitment to modernization and innovation. "FintechOS's growth trajectory is a clear indicator of their potential," Dennert said.
