Draper Esprit is pleased to be leading the $60 million Series B round investment in fintech service provider, FintechOS. Existing investors, Earlybird Digital East, Gapminder Ventures, LAUNCHub Ventures, and OTB Ventures also joined the round.
Fintech OS is a global technology provider for banks, insurers, and other financial services companies.
The company’s low-code, self-service approach to augmenting legacy systems allows institutions to build, test and scale new digital products and services within weeks rather than months.
The fintech company plans to use the funds to cement its position in Europe and the UK, as well as fuel international expansion. This includes new offices in the USA, Dubai, and Singapore, and 120 new staff hires (a 40% increase in overall headcount). FintechOS 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. The overall aim is to accelerate growth beyond the 200% CAGR achieved to 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.”
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.”