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Romanian startup FintechOS raises $60 million to help old banks fight new ones

Over the years, fintech startups, especially neobanks, have created a disruption in the banking and finance sector by building entirely new banking software stacks. But one Romanian startup has decided to build tools to help established banks and insurance companies offer the new features and products offered by the startups.

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

Following UIPath’s breakthrough, this is yet another demonstration that Romanian companies can reach the international stage without US venture capital.

Co-founder and CEO Teo Blidarus told me that the company plans to use the funding to scale up internationally. “We can work side by side with the company’s existing core infrastructure,” he said. “So you can achieve 95% of the transformation without the open-heart surgery that would be required to replace the new core. Then the advisors and business people can create these new 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 are involved in multiple product lines. Our product range is very broad, from deposits to loans to mortgages to insurance wealth. So our transformation capabilities are broader.”

FintechOS’s major clients include Societe Generale, Admiral, Benenden Health, Avant Money and Vibrant Credit Union in the US, UK, Continental Europe and Asia Pacific.

“FintechOS is at the forefront of transforming financial services through innovative technology,” Vinoth Jayakumar, partner at Molten Ventures, said in a statement. “The company’s track record of working with major banks and insurance companies demonstrates its rare ability to drive significant change within these organizations.”

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

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