BaaS platform Omnio raises €9m

Banking-as-a-Service (Baas) platform Omnio has raised €9m in equity.

The round, which comes ahead of a planned merger with Nordiska and Swiss Bankers, will remain open to selected investors as it targets another €3m.

Based in London, the cloud-based BaaS platform for banks and corporates says it serves 135 financial institutions, with more than two million end users and £3bn funds processed on its platform.

It says its mission is to “create long-lasting connections between brand and customer” and intends to list its shares “on a recognised stock exchange” within the next 12 months.

“This fundraise will secure the working capital for Omnio to complete some exciting strategic plans, which include the imminent merger with Nordiska and Swiss Bankers as well as a listing this year,” Omnio chairman Jörgen Durban said.

“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.”

Opentech, which develops full-stack solutions for financial institutions in Italy, Switzerland and Austria, joined Omnio as a new investor this round alongside existing investors.

Opentech’s founder Stefano Andreani joins the company’s board and executive team following the fundraise.

He said the company is building “an outstanding embedded finance platform that will effortlessly allow plugging-in Financial Services into the digital channels of retailers and banks”.