FintechOS has secured £10.7m ($14m) of Series A investment in a funding round led by Earlybird’s Digital East Fund and OTB Ventures.

Gapminder Ventures and Launchub also participated in the investment.

Founded in 2017, FintechOS allows traditional banks and insurance companies to adapt to changing customer expectations and match the speed and flexibility of technology driven competitors.

Banks and insurers can launch data-driven, hyper-personalised digital products and services using the company’s technology. FintechOS offers multi-cloud SaaS and on-premises deployments.

The company also offers around 150 integrated sources of data – from social and contextual to cloud and enterprise systems – and 20 automated financial processes for AI-enabled areas like KYC, Customer 360, pricing or risk analytics.

Additionally, Banks and insurers can also access a marketplace with more than 50 open source apps for client onboarding, lending, savings, insurance, pensions and wealth management.

Partnerships with Microsoft, EY, Deloitte, Publicis Sapient and CapGemini have allowed fast deployment in multiple markets.

FintechOS has customers in more than 20 countries across three continents and its Annual Recurring Revenue grew by 450% in 2019.

Company expansion

The company will continue to expand to South East Asia and the US markets, and further the development of more pre-built apps, services and solutions to break down the barriers to multi-channel customer service.

FintechOS CEO and co-founder Teodor Blidarus said: “Our disruptive approach is customer, not technology driven. We created FintechOS to transform the financial industry, empowering banks and insurance companies to act and react faster and to create a smarter, slicker customer experience. As a result, hyper-personalised services and elevated customer experiences are now available almost plug and play.”

Earlybird partner Dan Lupu said: “FintechOS is a pioneer in a booming market, with a vision to transform the way financial institutions react to market and regulatory changes. We are proud to become part of a journey that will shape the future of financial services.”

OTB Ventures general partner Adam Niewinski said: “We are driven to invest in technology companies uniquely positioned to grow exponentially. FintechOS’s technology is transformational in its ability to provide true end-to-end digital automation for all services and products that banks and insurance companies offer. This new technology is inexpensive and versatile, ultimately enabling massive cost savings and growth stimulators for financial institutions.”