The money will mostly be used to bolster the company’s position in Europe and the U.K., along with fueling the international expansion with the goal of targeting financial institutions (FIs) in the Asia-Pacific, Middle East, Africa, and North America, the release stated.
There will be new offices in the U.S., Dubai, and Singapore, and there will be 120 new staff members added, according to the release. That will come with a 40 percent increase in the overall headcount.
In addition, the company will use the money to expand its core systems capabilities for banking and insurance, making the low-code self-service proposition and artificial intelligence (AI)- and machine learning (ML)-based personalization better for customers, the release stated.
With these changes, the company is looking to boost growth beyond the 200 percent compound annual growth rate (CAGR) achieved up to now, according to the release. The company’s changes come as global shifts are being made in the world of financial services, with companies investing heavily in new technology.
Many FIs have been struggling with the digital transformation strategies in existence, however, and FintechOS can augment legacy systems, improving on a method of “lengthy and laborious” rip and replace digital transformation strategies, which come with high costs of new tech, the release stated.
FintechOS Co-Founder and CEO Teodor Blidarus said in the release that the company’s approach looks to foster innovation.
“Events over the last year have only increased pressure on our industry to evolve, and as a result, we’re seeing growing demand for our powerful platforms,” he said in the release. “Our latest round of funding will help us grow at the pace needed to improve outcomes for financial institutions and their customers globally.”
Digital banking has been the prime change in banking amid the pandemic, with half of all U.S. bank customers using mobile apps or websites last year. And, 87 percent of survey respondents said they plan to continue using digital channels even once the pandemic ends.