FintechOS bags $60 billion funding to expand global footprint

  • The company will set up new offices in Singapore, Dubai, and the U.S.
  • Funds will also be used to expand its core operations in banking and insurance and advance its low-code self-proposition, and customization through AI

FintechOS – a London-headquartered technology provider for banks and financial institutes has reportedly announced that it has secured USD 60 billion in a Series B funding round. Notably, the round was led by venture capital company Draper Esprit. It also witnessed the participation of current investors like Earlybird Digital East, LAUNCHub Ventures, OTB Ventures, and Gapminder Ventures. 

According to a statement by the company, the funds will be used to strengthen its position across Europe and the UK and support international expansion to target financial institutes in the Middle East and Africa, North America, and Asia Pacific regions.

Seemingly, the proposed plan includes establishing new offices of FintechOS in Dubai, Singapore, and the U.S. coupled with adding 120 new staff members leading to a 14% rise in the total headcount.

In addition to the above, the London-based firm also aims at using the fresh funds to expand its core solutions in banking and insurance space, advancing its low-code self-service proposition and customization through machine learning and AI along with product and service offerings.

All in all, the overall goal is to accelerate growth above the 200% compound annual growth rate attained to date.  

It is worth mentioning that, FintechOS which was incorporated in the year 2017 allows the banking and financial institutes to develop, test, and ramp up their new digital products and services within a week instead of taking months through a low code, plug, and play system. The offerings by the company replace lengthy and laborious digital transformation plans that require superior levels of technology and investment.

Sergiu Negut, Co-founder, COO, and CFO, FintechOS, was reportedly quoted stating that the technology offered by the firm helps financial institutions in becoming customer-centric along with providing them products and services to more businesses and people.

Source Credit: https://www.insurancejournal.com/news/international/2021/04/21/610899.htm