The financing was been led by the Digital East Fund of Earlybird Venture Capital and OTB Ventures, with follow-on participation from existing investors Gapminder Ventures and Launchub.
In 2018, GapMinder led the Seed round of investment for the same company which totalled USD 2 million.
The Series A additional capital will be used by FintechOS to continue the company’s 450% Annual Recurring Revenue growth and expansion across Europe, South East Asia and the US markets.
The company will also invest heavily in the continued development of more pre-built, ready to deploy apps, services and solutions to further reduce products' time to market.
FintechOS technology empowers traditional banks and insurance companies to adapt to rapidly changing customer expectations, and match the speed and flexibility of Fintechs, their new and technology driven competitors. Their platform provides a true end-to-end digital automation for all insurance and banking products, in an inexpensive way and working seamlessly alongside the existing technology infrastructure.
The platform can be deployed both as part of multi-cloud SaaS, helping clients transition to the cloud, and on premises deployments.
What does FintechOS do?
FintechOS offers more than 150 integrated sources of data out-of-the-box (from social and contextual to cloud and enterprise systems), more than 20 automated financial processes (AI-enabled areas like KYC, Customer 360, pricing, risk analytics) and a marketplace with more than 50 open source, ready-made apps to kick start the use of the technology in the field of client onboarding, lending, savings, insurance, pensions and wealth management. Existing partnerships with Microsoft, EY, Deloitte, Publicis Sapient and CapGemini allow fast deployment in multiple markets.
„FintechOS is changing paradigms. It is transformative for the financial services industry, and possible other industries in the future. Its vision and state of the art technology help today banks and insurance companies to dramatically speed up the implementation of new and fully automated ways to deliver their own services to their customers or to interact with their own employees and ecosystems. And all these in a non-expensive way and easily interacting with existing systems.
Their mature and high achieving team has a great vision and strategy paired with a very aggressive execution which provided a hyper growth scaling on international markets, right after the Seed investment round which we led in 2018.
For the Series A investment round we are confident to follow-on and see their international hyper-growth going further”, declares Dan Mihaescu, Founding Partner of GapMinder.
On his turn, Teodor Blidăruș, CEO and Co-Founder of FintechOS, added: “Our disruptive approach is customer, not technology driven. We created FintechOS to transform the financial industry, empowering banks and insurance companies to act and react faster than fintechs, to create a smarter, slicker customer experience. As a result, hyper-personalised services and elevated customer experiences are now available almost plug and play.”
Since January 2018, when it was created, until now, GapMinder invested in 31 companies and reached a threshold of EUR 40 million as fund size.