Plug and play platform FintechOS raises £10.7m
FintechOS, the Romanian-born and London-based start-up providing plug and play products for banks and insurance companies to compete with challengers, has raised £10.7 million ($14 million) in a Series A funding round.
Led by European tech investor Earlybird’s Digital East fund and Central and Eastern European (CEE) investor OTB Ventures, the round also saw participation from existing investors Bucharest-based Gapminder and early stage capital firm Launchub Ventures.
The start-up looks to use its new cash injection to grow and expand across Europe, as well as gaining a stronger foothold in South East Asia and the US.
Helping banks and insurance companies match the pace of fintech newcomers, FintechOS is designed to work alongside financial institutions’ existing technology infrastructure and enable multi-cloud Software-as-a-Service (SaaS) deployments.
“FintechOS’s technology is transformational in its ability to provide true end-to-end digital automation for all services and products that banks and insurance companies offer,” says backer OTB Ventures. “This new technology is inexpensive and versatile, ultimately enabling massive cost savings and growth stimulators for financial institutions.”
Now sporting partnerships with leading consultancy names Deloitte, Publicis Sapient, Ernst and Young, Microsoft and CapGemini, FintechOS is in good stead to enter its new target markets and develop more pre-built apps and services for its plug-and-play marketplace.
Currently the start-up offers 150 integrations for “data out-of-the-box”, 20 automated processes for AI-enabled areas such as pricing or risk analytics, and more than 50 open-source apps for client onboarding, lending, savings, insurance, pensions, and wealth management.