London-based embedded finance platform Omnio has raised €9 million in an ongoing fundraise targeting €12 million, allowing it to support the IPO roadmap for its banking-as-a-service business.
The round (source) is backed by fintech software stack developer Opentech and some of Omnio's existing investors.
Founded in 2018, Omnio is a cloud-driven banking-as-a-service platform. It enables financial service providers and others, such as consumer brands, to build, manage and report on retail financial products using digital software.
Omnios' offering includes specific software strands for end-to-end management of credit union banking products (Sercle), and managing loyalty rewards provided by consumer brands (Domec).
Currently, the software is deployed by 135 financial institutions and 1.5 million end users of credit union services, consumer brands and banking.
As of December 2021, Omnio was reportedly mulling an IPO in either London, Sweden or New York. A public listing of the business is still anticipated at some stage this year.
The scale up is generating growth in the meantime, after striking multiple deals to supply BaaS software to UK and Italy clients across the travel, transport, sports and entertainment sectors. Omnio is also due to merge with Nordiska and Swiss Bankers in a deal announced last October, following which it will operate under the Nordiska Financial Solutions banner.
Jörgen Durban, Omnio's board chairman, commented: "Embedded finance is one of the most significant trends we have seen in consumer finance as it provides financial products where they are most needed, as part of the consumer journeys of the leading brands.
"Despite a difficult market environment for fintech fundraisings, Omnio managed to demonstrate that is remains a strong competitor in the high growth area by closing this significant round with commitments from existing investors and Opentech as a new investor."