The “challenger” startups of banking and insurance have flooded their industries and more customer-friendly tools and services – more personalized, readily available and generally competitively priced – have started more businesses than their larger, incoming competitors have.
Now, a startup outside of Romania that is creating tools to help newcomers respond to their own better services is announcing an important announcement of significant money as the business grows. FintechOS has developed a low-code platform to help larger (older) banking and insurance companies build new services and analytics on and around their existing infrastructure, raising €51 million ($61.5 million) at today’s rate of $60 million at the end of the deal, in the Series B round of funding. The opportunity for FintechOS is to target the wave of newcomers to the insurance and banking industries, which is slowly recruiting new players (in insurance) like Lemonade and a huge majority of Challenger banks (Revolut, N26, Monzo and many more) to volunteer and pick customers. Although most of them unable to respond because their infrastructure is much older and larger. As we have seen, turning a giant ship around is no small task – a situation that has become even clearer in the last years of the epidemic’s lifespan and has resulted in a major shift in the digital interaction.
Said Teodor Blidarus, co-founder and CEO at FintechOS, in a statement, “When we launched Fintecos in 2017, we were already seeing existing solutions to digital transformation that would fight to deliver results. In contrast, our unique approach inspires a rapid sea change in how financial institutions address digitization and engage with their customers.”
“The events of the past year have only increased the pressure to develop our industry and as a result we are seeing a growing demand for our strong platforms. Our latest funding will help our global financial institutions and their clients grow at the pace they need to improve outcomes.” (This is not the only one. Other modern and competitive products include 10x, Thought Machine, Temenos, Mambu and many more outside of Europe in place of bringing new equipment to incoming banks to help create more modern and competitive products.)