IFC is investing $10 million in FintechOS, a global technology provider for banks, insurers and other financial services companies that was founded in Romania. FintechOS’s platform powers modern, digital customer journeys that have the potential to deliver financial services more accessibly, at lower cost and with improved impact.
IFC will also support FintechOS’s global expansion strategy by facilitating partnerships with IFC’s extensive network of bank clients and partners.
“Despite the emergence of new technologies such as low-code, financial institutions both large and small simply don’t have the right tools to improve the accessibility, affordability and impact of financial services for those financially excluded,” said Teodor Blidarus, co-Founder and CEO at FintechOS. “With IFC’s investment and support, our unique technology can help ensure underserved individuals and businesses have access to essential financial services.”
Digital transformation is among the most pressing issues for the financial services industry that needs to adopt new technologies to remain competitive and adapt to modern expectations from an increasingly tech-savvy customer base. IFC’s funding will accelerate the digital transformation of banks and other traditional financial institutions with the goal to improve the breadth and quality of services for those currently underserved.
“Given the demands of a rapidly evolving financial services industry, software companies like FintechOS can significantly help accomplish digital transformation of the industry, which is very much-needed in Southeast Europe,” said Ary Naïm, IFC`s Regional Manager for Central and Southeast Europe. “Further, as a leading emerging market investor in fintech and conventional financial institutions, IFC’s support will help expedite the industry’s ongoing digital transition, increasing access to finance and promoting inclusive growth in the region and potentially across the globe.”
IFC’s investment will support Romania’s effort to leverage its highly educated talent and growing venture ecosystem to become a leading player in the digital economy and innovative software development industry, contributing to increased competitiveness and productivity in the country.