FinTechOS secures $60mn in Series B funding led by Draper Espirit
By Megha Bhattacharya
FinTechOS today announced that it has secured $60 million in Series B funding led by Draper Esprit, a venture capital firm whose investments include Form3, ICEYE, Revolut, Thought Machine, UiPath. Existing investors Earlybird Digital East, Gapminder Ventures, LAUNCHub Ventures, and OTB Ventures also participated in the round. Further investors are set to be announced at a later date.
Teodor Blidarus, co-Founder and CEO at FinTechOS commented, “When we launched FinTechOS in 2017, we could already see existing solutions to digital transformation would struggle to deliver tangible results. By contrast, our unique approach has quickly inspired a sea-change in how financial institutions address digitization and engage with their customers. Events over the last year have only increased pressure on our industry to evolve and as a result we’re seeing growing demand for our powerful platforms. Our latest round of funding will help us grow at the pace needed to improve outcomes for financial institutions and their customers globally.”
According to the FinTech, the funds will be used to strengthen the company’s position in Europe and the UK and fuel international expansion to target financial institutions in Asia-Pacific, Middle East and Africa, and North America. The company also plans to use the funds to expand its core systems capabilities in banking and insurance, strengthening the low-code self-service proposition and personalization through AI and machine learning in customer journeys and product and services offerings.
Sergiu Negut, co-Founder, CFO & COO at FinTechOS added, “Not only is our technology helping financial institutions become customer centric, but it’s also helping them provide products and services to more people and businesses. With so many markets still underserved, the ability to tailor offerings to a segment of one offers the opportunity to increase financial inclusion and adheres to our ideal that easy access to financial services is essential. We’re delighted to be working with investors who share our views on how fintech should be transforming the financial services industry.”
Vinoth Jayakumar, Partner at Draper Esprit commented, “When we met Teo and Sergiu, we were immediately convinced of their vision: a data led, end-to-end platform, facilitated with a low-code/no-code infrastructure. Incumbent financial services firms have cost-to-income ratios up to 90%, so we see a huge and increasing need for infrastructure software that allows digitisation at speed, ease and lower cost. Draper Esprit builds enduring partnerships; with the team at FinTechOS we hope to build an enduring fintech company that will dramatically change financial services experiences for people all over the world.”
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