Romanian FintechOS gets €600,000 as it lines up €5m Series A
Romanian digital banking platform FintechOS has received €600,000 in financing from Gapminder VC, taking its total up to €1.6 million.
FintechOS is looking for an extra €400,000 as a follow-up round by the end of 2018, to reach €2 million of seed capital, anticipating a Series A round of about €5 million in 2019.
The firm has two objectives in 2019: its development internationally in Western Europe and the US, and the acceleration of the development of proprietary technologies based on artificial intelligence (AI).
The latest funding allows for the development of a new generation platform, under the GENIE code name, which integrates AI technologies with processes specific to banks and insurers – to launch in September 2019.
FintechOS has clients like Erste, Vienna Insurance Group, TBI Bank, Orange Money, NN, Hyperion, and Idea Bank, operating a portfolio of assets of over €5 billion.
The firm says that by implementing FintechOS’s technology, customers report a reduction in operating costs of up to five times.
The company launched the WOZ version of the platform in October, which accelerates and simplifies the implementation of bank and insurance processes.
