FintechOS, a provider of digital transformation technology to financial institutions, has pulled in €600,000 in seed funding.
This capital was supplied by GapMinder VC, a venture firm which focuses on Romanian and Central Eastern Europe startups. Following this new equity line, the company has raised a total of €1.6m in funding.
The company is looking to raise another €400,000 as a follow-up round before the end of the year. FintechOS is hoping to raise €5m in a Series A round in 2019.
Romania-based FintechOS develops new services, products, digital solutions and customer experience tools for financial institutions. Its technology is used by firms including ERSTE, Vienna Insurance Group, TBI Bank, Orange Money, NN, Hyperion and Idea Bank.
A new version of its platform was launched in October, named WOZ and accelerates configuration of banking and insurance processes. With the support of the new seed funding, the company is continuing to work on its new platform generation, which has a code name of GENIE. The GENIE solution will utilise AI technology to improve banking and insurance. A launch for this service is planned for September 2019.
Some of the solutions the company can provide financial institutions is security and compliance tools to help financial institutions meet GDPR, IFRS9, Solvency II, EBA and PSD2 requirements.
The capital injection will be used to support two strategic objectives in 2019, the first it is expanding its international footprint across Western Europe and Americas. Its other goal is to speed up the development of its AI technology.
FintechOS CEO Teodor Blidăruș said, “This investment allows us to consolidate our position on world’s most powerful financial centres and validates once again our potential, after last month FintechOS has become the first Romanian company onboarded in the global Startup Accelerator Program of Microsoft UK.
“I’m confident that we will provide our customers with more competitive advantages, by making it even easier to implement fast, accessible and personalized financial services driven by AI technology.”
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