Over the years, fintech startups, especially neobanks, have thrown a cat among the pigeons in the banking and finance sector, creating whole new stacks of banking software. But a Romanian startup decided to create tools that help older banking and insurance companies provide the newest features and products offered by the newbies.
FintechOS, which offers a low-code platform, has now raised a $60 million “Series B+” investment round led by BlackRock, Cipio Partners and Molten Ventures. The company raised $14 million in 2019 and $60 million in 2021.
This is yet another sign, after the success of UIPath, that companies from Romania can reach the international stage without American VCs.
Co-founder and CEO Teo Blidarus told me the company plans to use the funding to scale up internationally. “We can work side-by-side with a company’s existing core infrastructure,” he said. “So this allows you to achieve 95% of the transformation without the open-heart surgery that the new core replacement will require. Advisors and entrepreneurs can then create these new types of financial products and services themselves.”
FintechOS competes with other companies such as nCino, MeridianLink, Abrigo and Backbase, but he said his company is different “because we work across multiple product lines. We work across the spectrum of products, from deposits to lending to mortgages to wealth insurance. So our ability to transform is broader.”
Key customers for FintechOS include Société Générale, Admiral, Benenden Health, Avant Money and Vibrant Credit Union in the US, UK, Continental Europe and APAC.
“FintechOS is at the forefront of transforming financial services through innovative technologies,” Molten Ventures partner Vinoth Jayakumar said in a statement. “Her track record with major banks and insurance companies demonstrates a rare ability to drive significant change in these organizations.”
Existing investors EarlyBird VC, Gapminder VC and OTB VC also participated in this round.
