FintechOS Raises $60 Million to Expand Financial Product Management Platform
FintechOS has raised $60 million in a Series B+ investment round to accelerate the global expansion of its financial product management platform.
The company’s platform is designed to help banks, insurers and other financial institutions modernize their core infrastructure, FintechOS said in a Thursday (May 30) press release.
“We are revolutionizing the financial services industry by providing technology that enables core modernization and drives innovation,” Tod Blidarus, co-founder and CEO of FintechOS, said in the release.
Since its last funding round, FintechOS has achieved more than 300% growth, according to the release.
During that time, it onboarded customers in the banking and insurance sectors in the United States, the United Kingdom, Europe and the Asia-Pacific region, the release said.
FintechOS now has more than 50 clients worldwide that use its platform to modernize core infrastructure, expand into new markets and address new business models like embedded finance, per the release.
The company’s latest funding round was led by Molten Ventures, Cipio Partners and BlackRock, according to the release.
“FintechOS is at the forefront of transforming financial services through innovative technology,” Vinoth Jayakumar, partner at Molten Ventures, said in the release. “Its track record with major banks and insurers demonstrates a rare ability to drive significant change within these organizations.”
This announcement comes about three years after FintechOS raised $60 million in a Series B funding round, saying it would use the money to bolster its position in Europe and the U.K., fuel its international expansion and expand its core systems capabilities for banking and insurance.
In January, Tennessee-based Tower Community Bank partnered with FintechOS to launch a point-of-sale (POS) lending platform.
The Momentum by Tower embedded lending solution resulting from this collaboration was built with the FintechOS platform and designed for Tennessee’s medical community. It allows patients to finance their medical and dental procedures at the point of service.
The companies are now looking at extending this lending solution to other sectors.
“The agility FintechOS provides is invaluable for continuous innovation,” Brett Hollenbeck, director of virtual banking at Tower Community Bank, said in a press release announcing the launch of this new solution.
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