London based FintechOS, which Empowers Banks and Insurers to become “Future-Ready,” Secures $60M via Series B Round led by Draper Esprit

London-based Fintech FintechOS, which aims to empower banks and insurers to become “future-ready,” revealed on Tuesday (April 20, 2021) that it has secured $60 million in capital through a Series B round that was led by Draper Esprit.

FintechOS’ management noted:

“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.”

The funds will be used to cement the firm’s position in Europe and the United Kingdom and support international expansion to “target financial institutions in Asia-Pacific, the Middle East and Africa, and North America,” the release noted.  This includes new offices in the US, Dubai, and Singapore, along with “the addition of 120 new staff members resulting in a 40% increase in overall headcount.”

As noted in the announcement:

“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.”

As stated in the release, across the globe, financial service providers are looking to make substantial investments in the latest technologies in order to accelerate their digital transformation strategies. But many institutions are struggling with their current approach to digitalization, according to the release. The announcement also noted that “instead of lengthy and laborious rip and replace digital transformation strategies that require high levels of technical expertise and investment, FintechOS allows financial service providers to start small, think big and scale fast.”

As mentioned in the update, 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, noted:

“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 remarked:

“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 stated:

“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.”

The company reports that more than 40 institutions run on FintechOS, including Erste Bank, Societe Generale, Howden Group Holdings, Vienna Insurance Group and others. FintechOS manages more than $100 billion in assets and have offices in London, Amsterdam, and Bucharest

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