Fintech OS, a provider of open source, pre-built apps for digital banking operations, has secured $10.7 million of Series A investment.
The funding for the two-year old company, was led jointly by Earlybird’s Digital East Fund and OTB Ventures, with participation from existing investors Gapminder Ventures and Launchub.
FintechOS, which has forged relationships with Microsoft, EY, Deloitte, Publicis Sapient and CapGemini, offers more than 150 integrated sources of data out-of-the-box - from social and contextual to cloud and enterprise systems - and more than 20 automated financial processes for AI-enabled areas like KYC, Customer 360, pricing or risk analytics. Banks and insurance companies can also access a marketplace with more than 50 open source, ready-made apps for client onboarding, lending, savings, insurance, pensions and wealth management.
The firm says it has amassed customers in more than 20 countries across three continents and growing its annual recurring revenue by 450% during 2019.
Clients includes Erste, Vienna Insurance Group, Orange Money, Hyperion Group, TBI Bank, Transylvania Bank and Idea Bank. With offices in London, Amsterdam, Vienna, Copenhagen and Bucharest, the company intends to use the new capital to expand operations to the United States and Asia in 2020.