BaaS platform Omnio bags €30m as it vies for European expansion

UK banking-as-a-service (BaaS) company Omnio has raised €30m in funding in a round led by GrayBella Capital.

Established in 2018, Omnio is a London-based banking infrastructure enterprise that markets Sercle – a cloud-based digital platform – that the company has stated serves 135 small financial institutions (FI) and over 1.5 million members of its credit union and bank customers.

According to Omnio, it can build on the foundation of the Sercle platform and the funding to support other FI and non-regulated companies with its new CoBaas model, which Omnion said manages the complexity of banking operations and regulation.

The company noted it is delivering a modular end-to-end solution that supports the accounts of record all the way through to regulatory reporting and compliance.

This development, Omnio believes, means smaller FI can compete with bigger banks and financial services are able to be embedded in a ‘comprehensive ecosystem’ or in parts – depending on what the client wants.

Omnio CEO Adrian Cannon said, “Omnio has built the future of services for these banks with its CoBaaS model and lets them offer competitive digital financial services that allow them to compete and grow in their local markets.

‘Our mission is to empower small and mid-sized FI and non-regulated corporates to deliver great digital financial services and this convertible bond issue is an important step in providing Omnio with the resources it needs to scale quickly across the whole of the UK and Europe.”

In January of last year, Omnio Group raised €15m in the first close of a private placement. The company issued 23,077 shares at a subscription price of €650 apiece.

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