London-based FintechOS has raised $60 million in a Series B round.
Led by Draper Esprit, whose previous investments include Revolut and N26, the round also saw participation from existing investors LAUNCHub, Earlybird Digital East, Gapminder Ventures, and OTB Ventures. FintechOS notes that further investors will be announced at a later date.
“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,” comments Draper Esprit partner Vinoth Jayakumar.
The funding is slated to be used in propelling the company’s international expansion plans, with sights set on the APAC, MEA, and North American markets. Likewise, FintechOS wants to expand core system capabilities in its banking and insurance offerings and customer personalisation via AI and machine learning.
Co-founded in 2017 by Sergiu Negut and Teodor Blidarus, FintechOS allows financial service providers to start small with their digitalisation projects and then scale them rapidly. The solution works hand in hand with legacy systems and offers users a low-code, self-service approach. In so much, FintechOS provides institutions with a gateway to build, test, and scale projects in a matter of weeks, rather than months.
“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,” adds Blidarus.
“FintechOS is a great example of the potential of the southeastern europe to produce new unicorns, a region that is at the core of our investment strategy,” adds LAUNCHub Ventures partner Stephane Gantchev.