FintechOS, which builds automated financial technology software solutions, has raised â‚¬12.7m ($14m) in Series A funding.
Earlybirdâ€™s Digital East Fund and OTB jointly led the investment, with previous backers Gapminder Ventures and Launchub also contributing.
The FinTech helps traditional banks and insurance companies adapt to customer expectations through data-driven, personalized digital products and services. Romania-based FintechOS supports customers in more than 20 countries and has increased its annual recurring revenue by 450% during 2019.
It offers a portfolio of financial products spanning, mortgages, savings, compliance, risk analytics, digital onboarding, insurance, loans, claims and others.
Having secured the fresh funds, the company will continue its rapid growth across Europe and expand into South East Asia and US markets. Furthermore, it will continue to develop its pre-built apps, services and solutions.
OTB Ventures general partner Adam Niewinski said, â€œWe are driven to invest in technology companies uniquely positioned to grow exponentially. FintechOSâ€™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.
â€œThis new technology is inexpensive and versatile, ultimately enabling massive cost savings and growth stimulators for financial institutions.â€
The startup previously raised â‚¬600,000 in seed funding from investors including GapMinder.
FintechOS CEO and co-founder Teodor Blidarus said, â€œOur 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 and to create a smarter, slicker customer experience.
â€œAs a result, hyper-personalised services and elevated customer experiences are now available almost plug and play.â€
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