Omnio, an innovator in banking-as-a-service solutions, has scored €9m in an equity funding round.
Omnio supports other financial institutions and non-regulated enterprises with its Banking-as-a-Service model, which manages the complexity of offering retail financial products for leading consumer brands and financial institutions.
Omnio delivers a modular end-to-end solution that supports the accounts of record all the way through to operations, regulatory reporting and compliance.
It means that smaller financial institutions can compete with the big banks, and financial services can be embedded in customer journeys of leading non-financial brands allowing customers to transact, obtain financing or be rewarded for their loyalty.
Omnio builds on its pioneering Banking-as-a-Service offering, including its loyalty platform Domec and the Sercle business, the credit union platform, serving 135 financial institutions and over 1.5 million members of its credit unions, consumer brands and banking customers.
The impressive growth continues with significant clients wins which were recently signed in the travel, transportation and sports/entertainment sectors in UK and Italy.
Omnio chairman Jörgen Durban said, “This fundraise will secure the working capital for Omnio to complete some exciting strategic plans, which include the imminent merger with Nordiska and Swiss Bankers as well as a listing this year.”
“Embedded finance is one of the most significant trends we have seen in consumer finance as it provides financial products where they are most needed, as part of the consumer journeys of the leading brands. Despite a difficult market environment for fintech fundraisings, Omnio managed to demonstrate that is remains a strong competitor in the high growth area by closing this significant round with commitments from existing investors and Opentech as a new investor.”
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