London-based financial services technology provider FintechOS secured $10m in funding from the IFC, a member of the World Bank Group.
The investment is part of the company’s $60m Series B round in April and will support FintechOS’ goals of promoting financial inclusion by helping FIs expand access to financial services to un- and underbanked communities.
FintechOS’ Series B round was led by Draper Esprit, and in addition to the IFC, existing investors Earlybird Digital East, Gapminder Ventures, LAUNCHub Ventures, and OTB Ventures also participated in the round.
With this investment, FintechOS will bring agile and affordable technology solutions to all financial institutions, including those in the developing world, where IFC has a sizeable footprint. Also, IFC will support FintechOS’s expansion strategy by facilitating partnerships with its extensive network of bank clients and partners.
Founded in 2017 by Teodor Blidarus and Sergiu Negut, FintechOS’ approach helps institutions boost financial inclusion. FintechOS provides a low-code, plug and play strategy that enables banks and insurance firms to take advantage of digital end-to-end services, automated processes, and personalized, customer-centric solutions “in weeks, not months.”
Low-income households and small firms often struggle to access financial institutions through traditional channels like branches. Remote access to digital financial services can dramatically accelerate inclusion. By empowering commercial teams at institutions to develop digital products using low-code technology, FintechOS can make financial services more accessible to those financially excluded.
FintechOS’ approach not only makes building specialist products feasible but its Evolutive Data Core can also helps institutions isolate and identify previously unknown customer issues specific to the unbanked and underbanked.
FintechOS co-founder and CEO Teodor Blidarus said, “Today financial technology is too often an inhibitor rather than an enabler of inclusion. Financial institutions both large and small simply don’t have the right tools at the right price point to meet market demands.” Blidarus highlighted enabling technologies like low-code but lamented that these solutions remain under-utilized. “And this impacts those at the bottom of the pyramid most acutely,” he added.
More recently, the company released its Configuration Management update, which boosts FintechOS’ scalability and helps pave the way for full Git integration. Git is a change-tracking software that helps developers collaborate during the source code writing process. The technology enables distributed teams to write code, test new functionalities, and securely deploy new versions.
“Configuration Management will make life easier for developers and streamline the wider operation of the FintechOS platform,” Blidarus explained. He added that full Git integration “will help our clients self-serve and customize their enterprise-grade solutions based on our technology.”
FintechOS includes Reliance Bank, Raiffeisen Bank, Societe General, and Vienna Insurance Group among its more than 40 partners around the world.
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