The round was led by Draper Esprit, a venture capital firm whose investments include Form3, ICEYE, Revolut, Thought Machine, UiPath. Existing investors Earlybird Digital East, Gapminder Ventures, LAUNCHub Ventures, and OTB Ventures also participated in the round. Further investors are set to be announced at a later date.
The funds will be primarily used to cement the company’s position in Europe and the UK and fuel international expansion to target financial institutions in Asia-Pacific, Middle East and Africa, and North America. This includes new offices in the USA, Dubai, and Singapore, along with the addition of 120 new staff members resulting in a 40% increase in overall headcount. FintechOS also plans to use the funds to expand its core systems capabilities in banking and insurance, strengthening the low-code self-service proposition and personalisation through AI and machine learning in customer journeys and product and services offerings. The overall aim is to accelerate growth beyond the 200% CAGR achieved to date.
Across the globe financial service providers are planning to invest heavily in new technology to accelerate digitalisation. However, many institutions are struggling with existing digital transformation strategies. With its low-code, self-service approach that augments legacy systems, FintechOS allows institutions to build, test, and scale new digital products and services in weeks rather than months.
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