The International Finance Corporation (IFC) announced on Thursday that it is investing $10 million in FintechOS, a global technology provider for banks, insurers and other financial services companies, founded in Romania, to support the digital transformation of financial services and accelerate financial inclusion.
“A new investment will be made to meet the needs generated by digital transformation in banks and insurers, thus being able to provide support to underserved or disadvantaged social groups and promote financial inclusion. IFC is investing $10 million in FintechOS, a global technology provider for banks, insurers and other financial services companies, founded in Romania. The FintechOS platform provides customers with digital experiences that have the potential to make financial services more accessible, affordable and impactful,” IFC announced, as quoted by news.ro.
IFC will also support FintechOS’ global expansion strategy, facilitating partnerships with the network of customers and banking partners that IFC has built.
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“Despite the emergence of new technologies such as low code technology, financial institutions large and small simply lack the tools to improve the level of physical and financial accessibility and impact of financial services in the lives of those who are excluded from this market. With IFC’s investment and support, our unique technology can help make essential financial services more accessible to those individuals and businesses that are underserved,” said Teodor Blidăruș, co-founder and CEO of FintechOS.
Digital transformation is one of the most pressing issues for the financial services sector, which needs to adopt a range of new technologies to remain competitive and adapt to the expectations of today’s increasingly savvy customers. The IFC funding will accelerate the digital transformation of banks and other traditional financial institutions to improve the scale and quality of service to the underserved.
“Given the demands of the rapidly evolving financial services sector, software companies, such as FintechOS, can make a significant contribution to the much-needed digital transformation of this sector in Southeast Europe. Moreover, as an investor in fintech companies and conventional financial institutions in emerging markets, IFC’s support will help accelerate the digital transition in this sector that is now underway, improving access to finance and promoting inclusive growth in the region and perhaps even globally,” said Adry Naïm, Regional Director for Central and Southeast Europe at IFC.
IFC is a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets. In fiscal year 2020, it invested $22 billion in private companies and financial institutions in developing countries.
Translated from Romanian by Service For Life S.R.L.