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FlowX.ai raises USD 35 million in Series A funding round

Tuesday 23 May 2023 10:40 CET | News

Romania-based FlowX.ai has announced the raise of USD 35 million in Series A funding round for product development and international expansion.

Following this raise, FlowX.ai will further improve its suite of services and solutions while focusing on financial customers for the moment, with a wider range of clients in the future. 

The funding round was led by Dawn Capital, with PortfoLioan, DayOne Capital, and SeedBlink participating as well. 

FlowX.ai will continue to offer its products primarily to enterprises that are working in the financial sector (including BNP Paribas, Banca Transilvania, Alpha Bank, and OTP) and will leverage third parties’ services to connect to users as well.

The company will also use its platform built on artificial intelligence for automating some of the integration, application, and solution creation procedures that usually businesses and enterprises spend time, money, and resources on making with manual processes.  

The platform offers customers an open architecture that can be used and extended with any programming language that the clients or companies leverage, offering them the possibility to integrate their own systems into FlowX.ai’s service, without the need to modify their already existing software. 

Romania-based FlowX.ai has announced the raise of USD 35 million in Series A funding round for product development and international expansion.

 

FlowX.ai’s strategy for development and expansion

FlowX.ai is an enterprise platform that offers banks and financial institutions improved and secure IT infrastructures. Moreover, it provides companies with the possibility to create unified, omnichannel client and employee experiences without changing their systems and software, as well as modernising their infrastructure without replacing it. 

The suite of services provided by FlowX.ai focus on the digital product development process, as well as the flexibility of solutions, and the security and privacy of them. In addition, the platform allows financial institutions and partners to launch efficient and seamless tools in a short period of time, across multiple areas of the industry, such as mortgage, pre-approved lending, or onboarding. The procedure takes place without requiring the clients to change their existing architecture or overall technology. 

Companies and businesses can further transform their services and modernise their suite of solutions by leveraging the AI-based platform of FlowX.ai, while reducing the costs of IT and overall business operations. 

FlowX.ai raised its seed round of USD 8,5 million in November 2021, when the funding process was led by PortfoLion. The company used the sum to expand in Europe and the US, as well as to grow the team to more than 20 employees and to face the demands and needs of customers in the banking and financial industries around the world. 

Furthermore, the engineering and data science team increased its bandwidth for enhancing the AI components and developing new functionalities and offerings. 



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Keywords: funding, investment, mobile banking, online banking, banking, digital banking, artificial intelligence
Categories: Banking & Fintech
Companies: FlowX.ai
Countries: Romania
This article is part of category

Banking & Fintech

FlowX.ai

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