LONDON, April 20, 2021 /PRNewswire/ -- 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. Further investors are set to be announced at a later date.
The funds will be primarily used to cement the company's position in Europe and the UK and fuel international expansion to target financial institutions in Asia-Pacific, Middle East and Africa, and North America. This includes new offices in the USA, Dubai, and Singapore, along with the addition of 120 new staff members resulting in a 40% increase in overall headcount. 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.
Across the globe financial service providers are planning to invest heavily in new technology to accelerate digitalization. However, many institutions are struggling with existing digital transformation strategies. Instead of lengthy and laborious rip and replace digital transformation strategies that require high levels of technology expertise and investment, FintechOS allows financial service providers to start small, think big and scale fast. 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 commented: "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 added: "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 commented: "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."
FintechOS is driving a paradigm shift in the way financial products and services are created by making banks and insurers truly customer centric.
We consolidate critical data from multiple sources like existing databases and ecosystem APIs and these rich data insights are automatically plugged into every step of the customer journey to create truly personalized offerings. Our tech integrates seamlessly with existing IT systems and our low code tools quickly empower organizations to design personalized customer experiences.
These capabilities free our customers to tailor products, services, and interactions to a segment of one, increase ROI and decrease time-to-market.
FintechOS Lighthouse is designed to build end-to-end banking customer journeys that are fit for the future - it enables the delivery of smarter, personalized products and services. Pre-built functionality and low-code empower organizations to create value quickly. Move away from legacy systems or keep them in place - it's all possible.
FintechOS Northstar, our customer-centric platform for insurance lets insurers deliver clever products and services, at a faster rate. Our platform makes continuous innovation and fast go-to-market a reality. At the same time, it reduces cost via end-to-end digital customer journeys and increased efficiencies.
The FintechOS Innovation Studio opens up access to technology through a low code framework. It's a space where your non-technical teams can create and launch personalized products and journeys - all driven by data and powered by automation.
More than 40 institutions run on FintechOS, including Erste Bank, Societe Generale, Howden Group Holdings, Vienna Insurance Group and many more. Our reach spans 20 markets and four continents. We manage more than $100bn in assets and have offices in London, Amsterdam and Bucharest. To find out more, visit us at https://fintechos.com/
About Draper Esprit
Draper Esprit is one of the most active venture capital firms in Europe, developing and investing in disruptive, high growth technology companies. We believe the best entrepreneurs in Europe are capable of building the global businesses of the future. We fuel their growth with long-term capital, access to international networks and decades of experience building businesses. Currently, Draper Esprit is a shareholder in a diverse portfolio of companies including Trustpilot, UiPath, Cazoo, and Graphcore. For more information please visit: www.draperesprit.com