Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
World Bank’s investment arm injects $10 million into FintechOS to help boost financial inclusion
AltFi | Aisling Finn | Aug 5, 2021
The cash injection was part of FintechOS’ latest Series B funding round, which it announced in April of this year.
The International Finance Corporation (IFC), the asset management and investment advisory arm of the World Bank, has just invested $10m into fintech-as-a-service provider FintechOS.
FintechOS, which was founded in 2017 by Romanian entrepreneurs Teodor Blidarus and Sergiu Negut, helps banks, insurers and other financial services groups roll out products and replace financial infrastructure with no or little code needed.
See: Davos 2020: Financial inclusion and fintech is key to meeting the UN SDGs
The IFC’s investment will help FintechOS to boost financial inclusion across the globe, improve access to financial services by reaching out to underbanked communities and make banking products more affordable.
With the fresh funding, the IFC will also support FintechOS’ expansion plans by opening up channels of communications with its extensive network of banks and financial institutions.
“Digital financial services are critical to boosting financial inclusion and driving inclusive growth. While the pandemic has increased the use of these services, it has also highlighted that many financial institutions are struggling to overcome the digital transformation challenges necessary to include the financially excluded.”
said Henrik Bläute, investment officer at the IFC on the reason behind their investment.
The investment will allow FintechOS to bring its low-cost, agile services to the developing world, where the IFC has a sizeable footprint, to help serve underbanked communities across the globe.
See: Digital Financial Inclusion in the Times of COVID-19
“Today financial technology is too often an inhibitor rather than an enabler of inclusion. Financial institutions both large and small simply don’t have the right tools at the right price point to meet market demands. Powerful emerging technologies like low-code just aren’t being utilised. And this impacts those at the bottom of the pyramid most acutely,” Teodor Blidarus, CEO and co-founder of FintechOS, added.
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