London FinTech firm raises £10.7m
London-based Fintech firm FintechOS has secured £10.7m ($14m) of Series A investment.
The firm’s technology is designed to allow incumbent banks and insurers to keep up with the pace of technological disruption in the financial sector by allowing these to launch data-driven, personalised digital products and services in shorter timescales.
The firm helps its clients transition to the cloud and integrate new technology into their existing infrastructure, and provides access to a marketplace with more than 50 open source, ready-made apps for client onboarding, lending, savings, insurance, pensions and wealth management.
The investment, led jointly by Earlybird's Digital East Fund and OTB Ventures, with participation from existing investors Gapminder Ventures and Launchub, will be used to continue its growth across Europe and to expand to South East Asia and the US markets.
It said it will also invest in the continued development of more pre-built apps, services and solutions to break down the barriers to multi-channel customer service.
Started in 2017 by serial entrepreneurs Teodor Blidarus and Sergiu Negut, the company now has customers in more than 20 countries across three continents and reports having grown its annual recurring revenue by 450 per cent this year.
“Our disruptive approach is customer, not technology driven,” said Blidarus.
“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, added: "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."