FintechOS Becomes First Catalyst Investee in Romania
Endeavor Romania’s first selected company, FintechOS (FTOS), closed a $10M investment with participation from Endeavor Catalyst as part of a previously announced $60M Series B funding round led in April 2021. Endeavor Romania launched in February 2021 as the seventh Endeavor office in Europe, and FTOS co-founders, Teodor Blidarus and Sergiu Negut were the first selected Endeavor Entrepreneurs from Romania in May 2021. As of last week, FTOS also became the first Endeavor Catalyst Investee in Romania.
The IFC — a member of the World Bank Group — also invested $10M supporting FTOS, a scale-up company focused on helping financial institutions digitize their processes end-to-end, in a low-code approach destined to boost financial inclusion around the world. According to the World Bank, 1.7 billion people are still unbanked. To reach these people, banks are investing in technology that helps them digitize services.
Co-founder and CEO of FintechOS, Teodor Blidarus said,“The investment of Endeavor Catalyst, along with the one from the IFC, show that new types of investors start looking at innovative B2B businesses with global outlook. Endeavor’s focus, in particular, is opening up several avenues for FintechOS’ future development in the US, Latam and APAC where we expect the network to support us with market entries and advice through their local mentors and entrepreneurs, for the benefit of a much broader range of financial institutions in more markets.”
Sergiu Negut, Co-founder, CFO & COO of FintechOS said, “Endeavor Catalyst and IFC’s investments validate FitenchOS’s business model and strategic worldwide expansion plans. They also put a spotlight on CEE and Romania as an emerging epicenter of global innovation. This will certainly lead the way for other types of investors, leading to more chances for the local companies to get access to finance and growth opportunities. We are happy to be part of Endeavor’s network and showcase our story to other founders from developing markets but with global ambitions.
The funds are being used to secure the company’s position in Europe and the UK and fuel international expansion to target financial institutions in Asia-Pacific, Middle East and Africa, and North America. Endeavor Catalyst chose to invest in FintechOS because of its potential to expedite the change in the financial services industry globally.
“Sergiu Negut and Teodor Blidarus are accelerating digitalization, transforming how financial institutions can serve unbanked communities globally,” Allen Taylor, Managing Director of Endeavor Catalyst, said. “At Endeavor, we believe in the transformational power of entrepreneurship, and FintechOS is solving the challenge of barriers institutions face in serving those financially excluded.”
About Endeavor Catalyst
Endeavor Catalyst is Endeavor’s rules-based, co-investment fund that invests in the companies of Endeavor Entrepreneurs. With $250M in Assets Under Management (AUM) across three funds, Endeavor Catalyst has made 180+ investments in 30+ markets to date and counts 26 unicorns in its current portfolio. Endeavor Catalyst offers a unique opportunity for Endeavor to become financially self-sustaining by investing in the very entrepreneurs it supports while generating access to world-class companies and meaningful returns for investors.
About FintechOS
FintechOS is driving a paradigm shift in how financial products and services are created by making banks and insurers truly customer-centric. They consolidate critical data from multiple sources like existing databases and ecosystem APIs and these rich data insights are automatically plugged into every step of the customer journey to create truly personalized offerings. Their tech integrates seamlessly with existing IT systems and our low code tools quickly empower organizations to design personalized customer experiences. These capabilities free their customers to tailor products, services, and interactions to a segment of one, increase ROI and decrease time-to-market.
About IFC
IFC, a member of the World Bank Group, advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. They achieve this by creating new markets, mobilizing other investors, and sharing expertise. In doing so, they create jobs and raise living standards, especially for the poor and vulnerable. Their work supports the World Bank Group’s twin goals of ending extreme poverty and boosting shared prosperity.