Oneiro Solutions, a London-based FinTech platform that digitalises and automates the complex syndicated loan servicing process, has raised £1.1 million seed funding.
Launched in July 2021 by Chris Papathanassi, Oneiro Solutions claims to bring a ground-breaking new way for syndicated loans to be serviced. On its entirely cloud-based platform DLX, borrowers, lenders and agents have access to all of their deal-related data in real-time, as well as the ability to self-serve.
Users have visibility over the status of their loan advances and other lifecycle events, allowing complete transparency over the administrative process, whilst also offering a level of personalisation that Oneiro says was missing from past systems.
DLX claims to shift the operating model for banks and service providers from being user-input driven to manage by exception only. This frees up a significant amount of time, greatly improves the customer experience and reduces costs.
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Prior to founding Oneiro Solutions, Papathanassi spent 15 years in the banking and technology industry, working for NatWest administering large-scale syndicated loans, and for leading software vendor Finastra, as an industry principal selling market-leading syndicated lending software.
The round was led by Graham Murphy, founder and former CEO of Remote Diagnostic Technologies. Murphy sold RDT to Philips Healthcare in 2018, providing a significant return for investors.
“Since selling RDT I have evaluated six businesses for potential investment and Oneiro Solutions is the first I have invested in,” he said. “It was an easy decision as the business has strong founders with the right experience and an excellent business proposition.
“I was also happy to introduce Oneiro to my investor network, not something I do lightly.”
Papathanassi and CTO George Druncea intend to scale the business and expand the offering to large financial institutions.
“I’m extremely passionate about bringing game-changing innovation that will help to solve challenges that have existed in this industry for decades,” said the former. “This funding will help us to accelerate the development of our platform and deliver on our promise of bringing a retail-like experience to the world of syndicated lending.
“For far too long, the industry has suffered from legacy technology which is difficult to implement, slow and costly to adapt, and difficult to integrate with – and we are here to change that.”