FintechOS, company specialized in accelerating the digital transformation for the financial institutions, announces revenues exceeding €6M from selling FintechOS technology in its first year since founding. From this amount, €1M represent recurring annual revenues from licences and other €5M represent revenues from services implemented via partners.
Surpassing €1M mark when it comes of annual recurring revenues represents a critical step for IT start-ups, who sell “software as a service” products.
On the other hand, the company expanded its team to 35 employees in 2018 and expects their number to double by the end of the year. FintechOS also expects its recurring annual licence revenues to get over €3M in the same period of time.
In just one year since founding, FintechOS managed to expand its operations on 3 continents and manages a actives portfolio worth over €10BN through clients like ERSTE, Vienna Insurance Group, Orange Money, Hyperion Insurance Group, NN, Banca Transilvania, TBI Bank, BCR Asigurări or Idea Bank.
Starting October 2018, FintechOS became the first Romanian company accepted in the Microsoft global accelerator program in London. Mixed team from Microsoft UK are involved in preparing the platform, the marketing strategy and of the needed tech support for an exposure in over 190 countries, via 40,000 sellers and implementation partners working with Microsoft.
In November last year, the company attracted an investment of €600,000 from GapMinder VC. In order to accelerate the development of the tech and commercial infrastructure needed to attack the financial markets in the Western Europe and USA, the company aims to attract supplemental financing of €500,000 in the next months, anticipating a serie A round of circa €10M by the end of 2019.
In the start of the current year, the company will launch its operations in UK, while the operations in Benelux will be controlled from Amsterdam. The R&D, development, testing and tech support will remain in Bucharest, but company’s headquarter will be in London.
The development speed we wish for will not be possible without a strong infrastructure and I am talking here about the development the strategy to attract the developers’ communities, at accelerating the program to prepare and certify partners, to consolidation of the commercial team, about attracting people with sizable experience within company’s management. The speed we are expanding with is obliging us to review on monthly basis the product strategy and that requires people with vision and fast execution speed