Previous investors, including GapMinder VC and private business angels, participated in the round and reiterated their strong support for the company.
Finqware was founded in 2018 with the aim of developing disruptive technology and solutions to put Open Banking at work, one of the most important shifts in the financial industry on its path to data driven economy models. Leveraging the Revised Payment Services Directive in the EU, the so called PSD2 regulation, Finqware is set to simplify and enhance data access for banks, companies and fintechs to the financial data flows in banking. Its data aggregation infrastructure is already battle-tested with leading banks as beneficiaries in Romania, Croatia and Greece. Finqware already enables banks in the Central and Eastern Europe region to consume data from other banks.
The company got a high profile in May 2020, when it connected for the first time the main banks in Croatia to Open Banking, proving the functionalities and the value creation potential in this market in a project with OTP Banka. Finqware achieved 90% market coverage in Croatia in only six weeks of implementation time (all done remotely in lockdown conditions).
In September last year, Finqware marked a historic moment in the development of banking services in Romania by implementing with local market leader Banca Transilvania, for the first time, a multi-banking facility on its omnichannel application.
Finqware intends to speed up its market expansion in the CEE region, addressing the growing needs of Open Banking data consumption of banks and other financial players. The company is focusing on product development to grow its value creation capabilities and better serve all players that want to use open banking in their budgeting, credit risk, accounting or payment processes.
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