FintechOS, a Romanian fintech company, has raised $60 million in a “Series B+” investment round led by BlackRock and Cipio Partners.
Fintech entrepreneurs, particularly neobanks, have revolutionized banks and financial services by creating entirely new software stacks for banking and finance. The Romanian firm, on the other hand, decided to create solutions that assist more established financial institutions in offering the same cutting-edge features and products as their younger competitors.
FintechOS’s low-code platform has raised a $60 million “Series B+” investment round, led by BlackRock, Cipio Partners, and Molten Ventures. In 2015, FintechOS gained $14 million, and in 2021, they raised $60 million.
Following the meteoric rise of UIPath, this is more evidence that Romanian startups can succeed without the help of American venture capitalists.
According to Teo Blidarus, co-founder and CEO, the company intends to utilize the cash for global expansion. “We can collaborate seamlessly with a company’s current core infrastructure,” he stated. By bypassing the open heart surgery necessary for the new core replacement, you can achieve 95% of the change. After that, the business people and consultants might independently develop those novel financial goods and services.
Among FintechOS’s competitors are Ncino, Meridian Link, Abrigo, and Backbase; nonetheless, he claims that his firm stands apart “because we work across multiple product lines.” Deposits, loans, mortgages, insurance, and wealth are all areas in which we operate. Therefore, our capacity for change is more expansive.
Société Générale, Admiral, Avant Money, Benenden Health, and Vibrant Credit Union are some of FintechOS’s most important clients in the United States, the United Kingdom, Continental Europe, and Asia-Pacific.
“FintechOS is leading the way in revolutionizing financial services with cutting-edge technology,” stated Vinoth Jayakumar, a partner at Molten Ventures. “Its history of success with big insurance and banking companies shows an unusual capacity to bring about substantial transformation within these institutions.”
Existing investors EarlyBird VC, Gapminder VC, and OTB VC also joined this round.