Fintech
Romanian startup FintechOS raises $60 million to help old banks fight neobanks
Over the years, fintech startups, especially neobanks, have thrown a cat among the pigeons in the banking and finance industry by building entirely new banking software stacks. But a Romanian startup has decided to create tools that help older banking and insurance companies provide the latest features and products offered by new startups.
FintechOS The low-code platform has now raised a $60 million “Series B+” investment round led by BlackRock, Cipio Partners and Molten Ventures. FintechOS raised $14 million in 2015 AND $60 million in 2021.
This is yet another sign, after the great success of UIPath, that Romanian companies can reach the international stage without US VCs.
Co-founder and CEO Teo Blidarus told me the company plans to use the funding to expand internationally. “We can work side by side with a company’s existing core infrastructure,” he said. “This way it is possible to achieve 95% of the transformation without open heart surgery which will require new replacement of the nucleus. So advisors and business people will be able to create these new types of financial products and services themselves.”
FintechOS competes with other companies such as Ncino, Meridian Link, Abrigo and Backbase, but he said his company is different “because we work across multiple product lines. We work on the entire range of products, from deposits to loans, to mortgages, to property insurance. So our transformation capacity is broader.”
FintechOS’ major clients include Société Générale, Admiral, Benenden Health, Avant Money and Vibrant Credit Union in the US, UK, continental Europe and the APAC region.
“FintechOS is at the forefront of transforming financial services through innovative technologies,” Vinoth Jayakumar, partner at Molten Ventures, said in a statement. “His track record with major banks and insurers demonstrates a rare ability to drive meaningful change within these organizations.”
Existing investors EarlyBird VC, Gapminder VC and OTB VC also participated in this round.