Teodor Blidarus (right)/FintechOS
FintechOS bags $10m funding from the World Bank’s investment arm
The cash injection was part of FintechOS’ latest Series B funding round, which it announced in April of this year.
FintechOS, which was founded in 2017 by Romanian entrepreneurs Teodor Blidarus and Sergiu Negut, helps banks, insurers and other financial services groups roll out products and replace financial infrastructure with no or little code needed.
The IFC’s investment will help FintechOS to boost financial inclusion across the globe, improve access to financial services by reaching out to underbanked communities and make banking products more affordable.
With the fresh funding, the IFC will also support FintechOS’ expansion plans by opening up channels of communications with its extensive network of banks and financial institutions.
“Digital financial services are critical to boosting financial inclusion and driving inclusive growth,” said Henrik Bläute, investment officer at the IFC on the reason behind their investment.
“While the pandemic has increased the use of these services, it has also highlighted that many financial institutions are struggling to overcome the digital transformation challenges necessary to include the financially excluded.”
The investment will allow FintechOS to bring its low-cost, agile services to the developing world, where the IFC has a sizeable footprint, to help serve underbanked communities across the globe.
“Today financial technology is too often an inhibitor rather than an enabler of inclusion. Financial institutions both large and small simply don’t have the right tools at the right price point to meet market demands. Powerful emerging technologies like low-code just aren’t being utilised. And this impacts those at the bottom of the pyramid most acutely,” Teodor Blidarus, CEO and co-founder of FintechOS, added.
The IFC’s investment is part of FintechOS’ latest $60m Series B, which was led by listed fintech-friendly fund Draper Esprit earlier this year and saw participation from a host of FintechOS’ existing investors, such as Earlybird Digital East and Gapminder Ventures.