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FintechOS raises $60m

FintechOS raises $60m

FintechOS, a European startup promising a low-code approach to helping financial institutions quickly and painlessly go digital, has raised $60 million in a Series B funding round led by Draper Esprit.

Earlybird Digital East, Gapminder Ventures, LAUNCHub Ventures, and OTB Ventures joined the round for London-headquartered FintechOS.

As established banks and insurers look to accelerate their digitisation programmes in the face of growing competition from fintech upstarts, they are often faced with lengthy and laborious rip and replace strategies that require high levels of technology expertise and investment.

FintechOS says its low-code, self-service approach augments legacy systems, allowing institutions to build, test and scale new digital products and services in weeks rather than months.

The new money will be used to cement the company’s position in Europe and the UK and fuel international expansion to target financial institutions in Asia-Pacific, Middle East and Africa, and North America.

This includes new offices in the USA, Dubai, and Singapore, along with the addition of 120 new staff members resulting in a 40% increase in overall headcount.

Teodor Blidarus, CEO, FintechOS, says: "When we launched FintechOS in 2017, we could already see existing solutions to digital transformation would struggle to deliver tangible results. By contrast, our unique approach has quickly inspired a sea-change in how financial institutions address digitization and engage with their customers.

"Events over the last year have only increased pressure on our industry to evolve and as a result we’re seeing growing demand for our powerful platforms."

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