This funding was led by Molten Ventures, Cipio Partners, and BlackRock, with participation from existing investors EarlyBird VC, OTB VC, and Gapminder VC. The funding round coincides with FintechOS reporting a 40% year-over-year growth and a 170% increase in operating margins. The company projects it will achieve break-even in 2024.
According to the official press release, since the previous funding round, FintechOS has grown significantly, adding clients such as Société Générale, Admiral, Benenden Health, Avant Money, and Vibrant Credit Union. These new partnerships span across the US, UK, Continental Europe, and APAC.
The new investment reinforces FintechOS's strategy of core modernisation through its financial product management solutions, aimed at helping financial institutions innovate and adapt to a changing market. FintechOS officials expressed gratitude for the investors' confidence in the company's vision and execution. They emphasised the company's quick expansion and operational enhancements in response to the growing demand for its financial product management solutions.
Representatives from Molten Ventures brought up FintechOS's ability to drive significant change within financial institutions, while officials from Cipio Partners expressed excitement about the company's growth potential.
FintechOS is a financial product management platform that enables banks, insurers, and other financial institutions to extend their core systems with flexible capabilities for managing the entire product lifecycle. The platform supports over 50 clients worldwide, helping them modernise infrastructure, expand into new markets, and implement new business models such as Embedded Finance.
In December 2023, FintechOS updated its platform in an effort to simplify how banks, credit unions, and insurers handle financial products. Specifically, FintechOS introduced FintechOS 24, marking the fifth major release of its fintech enablement platform. FintechOS 24 introduced a sentence-based, generative AI-enabled product designer, allowing companies to bring insurance and banking products to market in a more efficient way regardless of their technical capabilities or legacy technology infrastructure.
At the time, the official press release detailed that, among the rapid evolution of the banking and insurance sectors and increasing competition from new entrants, traditional methods of product launch and management were becoming sluggish and costly. Moreover, legacy technology had the potential to hinder incumbents from gaining a competitive advantage. In this context, officials from FintechOS noted that the complexity of technology stacks and inflexible core systems contributed to delays and constrained growth, making institutions less competitive.
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