FintechOS announces results beyond expectations in 2018
FintechOS announces revenues of EUR 6 million from selling FintechOS technology in just one year from inception. This amount combines EUR 1 million from annual recurring revenue for licenses and EUR 5 million from implementation services through the partner network. Surpassing the EUR 1 million in annual recurring revenue is a critical milestone for any IT start-up under software-as-a-service business model. The company reached 35 employees in 2018 and estimates doubling its staff by the end of 2019 as well as reaching the 3 million EUR milestone in license annual recurring revenue.
In just one year, FintechOS successfully expanded its operations on 3 continents and reached a portfolio of EUR 10 Billion managed assets through customers like ERSTE, Vienna Insurance Group, Orange Money, Hyperion Insurance Group, NN, Banca Transilvania, TBI Bank, or Idea Bank.
Since October 2018, FintechOS has been enrolled in the global Microsoft Startup Accelerator in London. Hybrid teams in the Microsoft UK structure provide mentorship for platform enablement, the go-to-market strategy and the necessary technical support for deployment in over 190 countries through Microsoft’s 40.000 sales people and implementation partners.
In November 2018, the company landed EUR 600k investment from GapMinder VC. In order to accelerate the development of its technical and commercial infrastructure, needed for deployment in the Western Europe and US financial markets, FintechOS plans on raising another EUR 500k as a follow-up round, paving the way for EUR 10 million series A investment by the end of 2019.
At the beginning of 2019 the company will launch consolidated operations in the UK, also relocating operations for the Benelux region in Amsterdam. The R&D, testing and technical support center will be based in Bucharest, Romania. FintechOS Headquarter will be located in London, one of the most powerful global financial hubs.
„The current development speed can be accelerated only by building as fast as possible a powerful but agile infrastructure. We need specific tech documentation and programs to engage with developer communities, we need professional training and certification programs to enroll partners, we need to strengthen our commercial team, we need to onboard experienced people in the management team. Our growth rate requires monthly revisions for our product strategy, which can only be done by agile, visionary people” stated Teodor Blidăruş, FintechOS’s CEO.
The FintechOS platform grants financial institutions quick access to the latest technologies, empowering them to launch new services, products, digital channels or customer experiences up to 10 times faster than in a traditional software development setup. Companies running on FintechOS platform also reports up to 5 times cuts in operational costs.