Romanian FintechOS startup raises $60 million to help legacy banks fight neobanks

Over the years, fintech startups, especially neobanks, have thrown the cat among the pigeons in the banking and finance industry by creating entirely new banking software stacks. But a Romanian startup decided to create tools that help legacy banks and insurance companies provide the new features and products offered by newcomers.

The FintechOS low-code platform has now raised a $60 million “Series B+” investment round led by BlackRock, Cipio Partners and Molten Ventures. FintechOS raised $14 million in 2015 and $60 million in 2021.

This is another sign, after the resounding success of UIPath, that Romanian companies can access the international stage without American venture capital funds.

Co-founder and CEO Teo Blidarus told me the company plans to use the funding to expand internationally. “We can work side-by-side with a company’s existing core infrastructure,” he said. “So this allows you to get 95% of the transformation without the open heart surgery that the new core replacement will require. Consultants and businessmen will then be able to create these new types of financial products and services themselves.

FintechOS competes with other companies such as Ncino, Meridian Link, Abrigo and Backbase, but he said his company is different “because we work on multiple product lines.” We work across the full range of products, from deposits to mortgages and wealth insurance. Our capacity to transform ourselves is therefore broader.

FintechOS’ key customers include Société Générale, Admiral, Benenden Health, Avant Money and Vibrant Credit Union in the US, UK, Continental Europe and APAC.

“FintechOS is at the forefront of transforming financial services through innovative technology,” Vinoth Jayakumar, partner at Molten Ventures, said in a statement. “His experience with large banks and insurers demonstrates a rare ability to drive significant change within these organizations. »

Existing investors EarlyBird VC, Gapminder VC and OTB VC also participated in this round.