The World Bank claims that 1.7 billion people worldwide are not in banks. Financial institutions are investing in technology as part of a more comprehensive digital transformation strategy to better serve those who are economically excluded.This is a London based place FintechOS‘The low-code self-service approach allows financial institutions to build, test and scale digital products for communities without bank accounts in weeks instead of months.
Investment from IFC
Global technology providers for banks, building-and-loans, insurance and financial services companies have invested $ 10 million (about £ 7.2 million) as part of $ 60 million (about £ 36 million) by IFC, a member of the World Bank. Announced that it was done. ) Series B Financing Round.
The FintechOS Series B round was led by Draper Esprit, and in addition to IFC, existing investors Earlybird Digital East, Gapminder Ventures, LAUNCHub Ventures, and OTB Ventures also participated in the round.
This investment promotes financial inclusion globally by helping financial institutions improve access to financial services, make them more affordable, and increase their impact on unbanked and low-banked communities. Supports FintechOS.
With this investment, FintechOS will bring agile and affordable technology solutions to all financial institutions, including developing countries with a large IFC footprint. IFC also supports FintechOS’s expansion strategy by facilitating partnerships with a broad network of banking clients and partners.
“Digital financial services are important to promote financial inclusion and promote inclusive growth. While pandemics are increasing the use of these services, many financial institutions are being economically eliminated. It also highlights the struggle to overcome the digital transformation challenges needed to include the stuff, ”said Henrik Bläute, Head of Investment at IFC. “After extensive due diligence, IFC chose to invest in Fintech OS because it recognizes the potential to accelerate the changes taking place in the global financial services industry. Accelerate digitization. By doing so, financial institutions will be able to serve more individuals and communities without bank accounts. “
“Too often, financial technologies today do not enable, but impede, inclusion. Financial institutions, large and small, provide the right tools to meet market demand at the right price. No. Powerful emerging technologies like lowcode aren’t being utilized, and this has the most serious impact on people at the bottom of the pyramid, “said FintechOS co-founder and CEO Teodor Blidarus. Says. “Our unique approach to financial technology is designed to overcome many of the barriers financial institutions face in servicing economically excluded people, banks, insurers, etc. Fintech is now able to use the latest technology to build highly professional services that are commercially viable and meet the specific needs of bankless and bankless communities. With investment and support, we are committed to giving individuals around the world access to the financial services they need to survive and prosper. “
“For the past few years, government, business and investment stakeholders have engaged in increasingly fierce dialogue on ESG, specifically on financial inclusion in line with the United Nations Sustainable Development Goals. “Co-founder Sergiu Negut said. Fintech OS CFO and COO. “Despite this focus, too few concrete steps are being taken to provide simple, clear and accessible digital financial services to anyone, anywhere. IFC’s global. With an investment footprint, this partnership will enable more banks and financial institutions around the world to build these critical solutions and integrate them at a pace with their existing ecosystem. “
How FintechOS Supports Institutions
The FintechOS approach, founded by Teodor Bridarus and Sergiu Negut in 2017, helps financial institutions promote financial inclusion as follows:
Low-income households and small businesses often struggle to access financial institutions through traditional channels such as branches. Remote access to digital financial services can dramatically accelerate inclusion. FintechOS enables financial institutions’ commercial teams to use low-code technology to develop digital products, making financial services more accessible to economically excluded people.
Financial services are often too expensive for low-income households and small businesses. FintechOS helps educational institutions build services more cost-effectively and return these savings to their customers by reducing technology costs and improving operational efficiency.
Individuals and businesses need professional services that increase their influence by addressing the specific and subtle needs of specific communities. Building such tailored products has not been commercially viable for many institutions. Not only does FintechOS’s approach make it possible to build specialist products, but its Evolutive Data Core provides financial institutions with previously unknown customers that are unique to banks without bank accounts and banks without bank accounts. Helps isolate and identify the problem.
https://www.uktech.news/news/london-based-fintechos-funding-from-ifc-20210805 London company FintechOS has secured $ 10 million from IFC, a member of the World Bank