Omnio, an innovator in banking-as-a-service, has closed a £26 million funding round led by pan-European venture fund GrayBella Capital.
The high-growth banking infrastructure firm based in London has appointed Jörgen Durban as chairman as it targets an IPO in the near term.
It says it will pursue an organic pan-European growth strategy including selected acquisitions in its core markets.
Omnio‘s white-label service transforms retail banking, empowering smaller financial institutions, including credit unions and building societies, to compete with their larger, tech-enabled rivals.
It also allows large brand–driven corporations to deliver state-of-the art financial and loyalty products as part of their digital ecosystem.
It currently serves 135 credit unions, with over 1.5 million members and multiple European banks with ambitions to attract millions of account holders over the next three years.
Its non-regulated customer portfolio includes leading brand names in travel and retail sectors.
Durban said: “I am very excited to join Omnio at this pivotal moment, as Omnio’s international roll-out and public listing plans propel it into a different league.
“With the company’s strong sales pipeline and an excellent product set, that has been adopted by some of the leading brands in retail and finance, the future is bright for exponential growth. I am proud to be supporting the company on its last mile to the IPO.”
Adrian Cannon, CEO of Omnio, said: “The success of this funding round underpins Omnio’s ability to deliver its mission and puts it on a path to being a powerful force in the market.
“This investment allows Omnio to grow quickly towards its goals and is a key stepping-stone to a listing that will provide the resources needed to scale quickly across the whole of Europe.”