By Oliver Smith on Tuesday 20 April 2021
Joining Freetrade, Thought Machine and Revolut among Draper’s investee companies.
FintechOS this morning raised €51m as part of a Series B funding round led by listed investor Draper Esprit along with its existing backers.
The round adds FintechOS to Draper’s portfolio of fintechs, including Form3, Revolut, Thought Machine, PrimaryBid and Freetrade.
FintechOS, which was founded in 2017 by Romanian entrepreneurs Teodor Blidarus and Sergiu Negut, helps banks, insurers and other financial services groups roll out products and replace financial infrastructure with no or little code needed.
“Our unique approach has quickly inspired a sea-change in how financial institutions address digitization and engage with their customers,” said CEO and co-founder Teodor Blidarus.
“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.“
The fresh funding will expand the fintech’s position in Europe and the UK, with international expansion on the roadmap and new offices planned in the US, Dubai and Singapore.
FintechOS is also aiming to recruit 120 new staff, a 40 per cent increase in headcount, in order to expand its capabilities in AU and machine learning in customer journeys, products and services.
“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,” said Draper Esprit partner Vinoth Jayakumar.
“Incumbent financial services firms have cost-to-income ratios up to 90 per cent, so we see a huge and increasing need for infrastructure software that allows digitisation at speed, ease and lower cost.”
