FintechOS Revenues Double in the Past 7 Months as Demand for Digital Solutions in Financial Services Increases
Teodor Blidarus, FintechOS CEO: “However, the negative impact of the pandemic on the global economy is imminent. We’ll continue to act with caution and responsibility, and stay focused on the long run.”
London, May 7th, 2020 – FintechOS, the global provider of technology for the digital transformation of banks, insurance companies and other financial services organisations, consolidates its growth by increasing YoY revenues by 300% in the first quarter in comparison to Q1 2019.
- FintechOS also doubled the number of new customers during the COVID-19 crisis compared to the 6 months before the pandemic;
- The volume of new sales during the two months affected by lockdown (March and April) is twice the monthly average of the previous 6 months;
- Recurring revenues (an important performance indicator for VC-backed companies) have doubled in the last 7 months.
The results are the effect of an increased drive by financial sector companies to adopt new technologies automate processes and operations, and migrate to digital services and cloud solutions. In the past few months, due to the COVID-19 pandemic, the needs for digital solutions of banks, insurers and other organisations offering financial services, including those in telco and eCommerce, have increased significantly.
The demand for FintechOS solutions has been high, particularly those designed to support online onboarding, setting up virtual branches and online assistance via remote video and co-browsing. FintechOS’s cloud-native technology has been built to enable rapid and tailored deployment, massively reducing the time to launch.
Customers who have recently announced how FintechOS technology has helped them quickly adapt to the new reality of working from home and providing 100% digital services include BT, CEC Bank, Asirom and Flanco. For CEC Bank, in partnership with Deloitte, FintechOS created and implemented the technical solution of the “Welcome!” package, which CEC Bank launched at the end of March as part of a larger project to digitise its offering. For Asirom Vienna Insurance Group, FintechOS provided technology that has been integrated into the company’s information system and digital claims platform in less than two months.
“Although this period has been difficult, we have largely managed to stick to the plans and objectives we set at the end of last year. The most important thing has been that we have the ability to ensure the continuity of our clients’ businesses, but also the safety of our employees, who work from home in all countries”, said Teodor Blidarus, Co-Founder and CEO of FintechOS.
FintechOS is currently working on more than 20 projects, implementing omnichannel solutions for banks and insurers in the UK, Central and Eastern Europe, South-East Asia and North America.
“Despite the results, we are worried about the state of the economy in the coming months. In response, we’ll continue to act with caution and responsibility, control costs and invest in priority areas. This way, we’ll be able to carry on with our mission of opening up access to personalised financial services for everyone. I want to thank all of our colleagues, clients and partners for their continued support”, added Blidarus.
In 2019, when it closed its Series A round of investment of about 14 million USD, FintechOS was among the best-funded European start-ups, according to a CB Insights report.
Both founders, Teodor Blidarus and Sergiu Negut, continue to have discussions with a large number of investors for further financing. “What this crisis has shown is that the economy is deeply interconnected. We can no longer be well while others are sick. We need to return to a healthy investment environment, not only so we can achieve our mission, but for the entire tech industry, which is so dependent on capital”, said Sergiu Negut, Co-Founder of FintechOS.
FintechOS (www.fintechos.com) believes in changing the way people engage with financial technology. The company’s centrepiece technology, FintechOS, puts automation and personalisation at the heart of innovation, allowing financial services providers to transform the digital customer experience quickly and affordably.
The FintechOS portfolio of global clients includes ERSTE, Vienna Insurance Group, Orange Money, Hyperion Group, TBI Bank, BT and Idea Bank. With offices in London, Amsterdam, Vienna and Bucharest, the company is planning to expand operations to the United States and Asia in 2020. For more information, please visit: www.fintechos.com
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