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News

IFC invests $10m in FintechOS to boost financial inclusion globally

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FintechOS is an end-to-end provider of SaaS-based front, middle and back office financial technology. FintechOS serves 40+ institutions - banks and insurers - in 20 markets and has offices in London, Amsterdam and Bucharest.

FintechOS announced a $10 million investment from the IFC, a member of the World Bank Group, as part of its $60 million Series B funding round. The investment will support FintechOS in boosting financial inclusion globally by helping institutions improve access to financial services, make them more affordable, and boost their impact on unbanked and underbanked communities. The IFC will also support FintechOS’s expansion strategy by facilitating partnerships with its extensive network of bank clients and partners.

“Digital financial services are critical to boosting financial inclusion and driving inclusive growth. While the pandemic has increased the use of these services, it has also highlighted that many financial institutions are struggling to overcome the digital transformation challenges necessary to include the financially excluded,” said Henrik Bläute, Investment Officer, IFC. “Following extensive due diligence, IFC chose to invest in FintechOS because we recognize its potential to expedite the change that is happening in the financial services industry globally. By accelerating digitalisation, financial institutions will be able to serve more unbanked and underbanked individuals and communities.”

“Today financial technology is too often an inhibitor rather than an enabler of inclusion. Financial institutions both large and small simply don’t have the right tools at the right price point to meet market demands. Powerful emerging technologies like low-code just aren’t being utilised. And this impacts those at the bottom of the pyramid most acutely,” said Teodor Blidarus, co-Founder and CEO at FintechOS. “Our unique approach to financial technology is designed to overcome many of the barriers institutions face in serving those financially excluded. Banks, insurers and fintechs can now use the latest technologies to build hyperspecialized offerings that are commercially viable and meet the specific needs of unbanked and underbanked communities. With the investment and support of the IFC, we are making it our mission to ensure individuals across the globe have access to financial services they need to not just survive but thrive.”

“Over the last few years, government, corporate and investment stakeholders have been engaged in an increasingly intense dialogue around ESG, and specifically, tackling financial inclusion in-line with the United Nation’s Sustainable Development Goals,” said Sergiu Negut, Co-Founder, CFO & COO at FintechOS. “Despite this focus there are too few concrete steps being made to bring simple, clear, easy to access digital financial services to everyone, everywhere. With IFC’s global investment footprint, this partnership will enable more banks and financial institutions around the world to build these essential solutions and integrate them in existing ecosystems at pace.”

 

Read the full press release here>

 

Financial Inclusion