Romanian FintechOS Gathers $60 Million to Support Traditional Banks – Battle Against Neobanks

Neobanks Disrupting The Traditional Banking Sector | Image Credit: edwardmuldrew.medium.com
Neobanks Disrupting The Traditional Banking Sector | Image Credit: edwardmuldrew.medium.com

By creating whole new financial software stacks, fintech startups—especially neobanks—have throughout the years surprised the banking and finance industry by causing a stir. However, a Romanian startup made the decision to create instruments that assist more established banks and insurance providers in offering the more modern services and goods that the upstarts are offering.

A $60 million “Series B+” investment round headed by BlackRock, Cipio Partners, and Molten Ventures has now been raised for FintechOS’ low-code platform. $60 million was raised by FintechOS in 2021, up from $14 million in 2015.

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This is another indication that Romanian startups may succeed internationally without US VC funding, following the breakthrough success of UIPath.

The business intends to utilise the cash to build up abroad, according to CEO and co-founder Teo Blidarus. “We are able to collaborate with an organization’s current core infrastructure,” he stated. This means that 95% of the transition can be achieved without the need for open heart surgery, which the new core replacement will necessitate. After that, the consultants and businesspeople might independently develop those novel financial product and service offerings.

While FintechOS faces competition from businesses like Ncino, Meridian Link, Abrigo, and Backbase, the CEO claimed that his organisation is unique since it offers a variety of products. We deal with all product types, including deposits, loans, mortgages, and wealth insurance. Thus, our capacity for change is greater.

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FintechOS counts Société Générale, Admiral, Benenden Health, Avant Money, and Vibrant Credit Union among its principal clients in the United States, the United Kingdom, Continental Europe, and Asia-Pacific.

Vinoth Jayakumar, a partner at Molten Ventures, stated in a statement that “FintechOS is at the forefront of changing financial services through new technology.” Its history of working with big insurers and banks shows a unique capacity to bring about substantial change within these institutions.

In this round, previous investors OTB VC, Gapminder VC, and EarlyBird VC also took part.

Source:
https://techcrunch.com/2024/05/30/fintechos-raises-60m-to-scale-internationally/


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