A low-code FinTech services provider has been backed with £43 million Series B funding led by Draper Esprit.
Fintech OS has seen rapid adoption around Europe as the technology provider for banks, insurers and other financial services companies.
It says its self-service approach augments legacy systems, allowing institutions to build, test and scale new digital products and services in weeks rather than months.
Draper Esprit was supported in the round by existing investors Earlybird Digital East, Gapminder Ventures, LAUNCHub Ventures, and OTB Ventures.
London-headquartered FintechOS will use the funds to cement its position in Europe and the UK, as well as fuel international expansion, including 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.
“When we launched FintechOS in 2017, we could already see existing solutions to digital transformation would struggle to deliver tangible results,” said Teodor Blidarus, co-founder and CEO at FintechOS.
“By contrast, our unique approach has quickly inspired a sea-change in how financial institutions address digitisation 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.
“Our latest round of funding will help us grow at the pace needed to improve outcomes for financial institutions and their customers globally.”
Draper Esprit’s portfolio includes FinTechs Thought Machine, Form3, Ravelin, PrimaryBid – which recently joined Tech Nation’s Future Fifty cohort – Freetrade and Revolut.
Vinoth Jayakumar, Partner at Draper Esprit, commented: “When we met Teo and Sergiu, we were immediately convinced of their vision: a data led, end-to-end platform, facilitated with a low-code/no-code infrastructure.
“Incumbent financial services firms have cost-to-income ratios up to 90%, so we see a huge and increasing need for infrastructure software that allows digitisation at speed, ease and lower cost.
“Draper Esprit builds enduring partnerships; with the team at FintechOS we hope to build an enduring fintech company that will dramatically change financial services experiences for people all over the world.”