FintechOS, the global technology provider for banks, insurers and other financial services companies, on August 10 received a $10mn investment from the IFC, a member of the World Bank Group, as part of its $60mn Series B funding round that took place in April.
FintechOS says its low-code approach to digital transformation improves the accessibility, affordability and impact of services for the financially excluded. This is what convinced the IFC to invest; according to the World Bank, 1.7bn people are unbanked.
FintechOS’ low-code, self-service approach empowers institutions to build, test and scale digital products for unbanked communities in weeks rather than months.
The April financing round was led by Draper Esprit, a leading venture capital firm whose investments include Form3, ICEYE, Revolut, Thought Machine and UiPath. Existing investors Earlybird Digital East, Gapminder Ventures, LAUNCHub Ventures and OTB Ventures also participated in the round. Further investors are set to be announced at a later date.
The company will primarily use the funds to cement its position in Europe and the UK and fuel international expansion to target financial institutions in Asia-Pacific, Middle East and Africa and North America. This includes new offices in the US, Dubai and Singapore, along with the addition of 120 new staff members resulting in a 40% increase in overall headcount.