Romanian start-up raises over £12m in drive to modernise traditional banks

By John Reynolds on Tuesday 10 December 2019

Digital Banking

FintechOS said funds will be used to help fund geographical expansion.

    Romanian start-up raises over £12m in drive to modernise traditional banks
Image source: Image provided by FintechOS

A Romanian start-up which helps traditional banks and insurance firms fight back against the new wave of digital rivals has secured £12.7m in a funding round, as it looks to expand into new markets and invests in apps and services.

FintechOS, which was founded in 2017 by Romanian entrepreneurs Teodor Blidarus (pictured) and Sergiu Negut, has existing partnerships with Microsoft, Deloitte and CapGemini amongst others.

The Series A funding round was led jointly by Earlybird's Digital East Fund and OTB Ventures, with additional investment from existing investors Gapminder Ventures and Launchub.

FintechOS aims to help legacy players in helping them bring digital products to market quicker than they have done in the past.

In particular, it helps clients, like traditional banks and insurance companies, adapt to new technology, such as the cloud, as well as offering more than 50 open source apps which can bolster clients’ lending, savings, insurance and pension operations. 

FintechOS- which has offices in London, Amsterdam, Vienna, Copenhagen and Bucharest- said the funds will be used to expand its presence across Europe and move into new markets such as South East Asia and the US, as well as investing in apps and services.

Blidarus, CEO and Co-Founder of FintechOS, said: “Our disruptive approach is customer, not technology driven.”

"We created FintechOS to transform the financial industry, empowering banks and insurance companies to act and react faster and to create a smarter, slicker customer experience. As a result, hyper-personalised services and elevated customer experiences are now available almost plug and play.”

Dan Lupu, Partner at Earlybird, said: “FintechOS is a pioneer in a booming market, with a vision to transform the way financial institutions react to market and regulatory changes. We are proud to become part of a journey that will shape the future of financial services.”

Adam Niewinski, General Partner at OTB Ventures, said: “We are driven to invest in technology companies uniquely positioned to grow exponentially. FintechOS’s technology is transformational in its ability to provide true end-to-end digital automation for all services and products that banks and insurance companies offer.”

“This new technology is inexpensive and versatile, ultimately enabling massive cost savings and growth stimulators for financial institutions.”

 

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