FintechOS has raised $28 million in combined equity and debt to fund a push into the US, and the shape of the round says more than its size. Every equity dollar came from investors already on the cap table, the rest is a senior debt facility from Santander CIB, and no valuation was disclosed. The Romanian-founded platform reports recurring revenue growth of 40% year-on-year, the same rate it cited when it raised its last round in 2024. What has changed in the two years since is not the growth rate but the profit line, and that is what opened the door to a bank lender.
What FintechOS raised and from whom
According to the announcement reported by FinTech Global on September 21, 2026, the equity came from existing backers Bek Ventures, IFC, Cipio Partners and Molten Ventures, with Santander CIB supplying the senior debt. None of the published announcements break out how the $28 million splits between the two. Finovate puts FintechOS’s total funding since its 2017 founding at $178.9 million.
The company says it turned profitable in the first half of 2026. Over the same period recurring revenue rose 40%, the US business grew 130% and operational EBITDA climbed by more than 102% year-on-year. FintechOS expects more than 20 financial institutions to adopt FintechOS 8, its AI-native platform, during 2026. The money goes to the US build-out, deeper European client relationships and a larger delivery team.
Set that against the last raise. When Molten Ventures led a $60 million Series B+ in 2024, FintechOS also cited 40% year-on-year growth. The top-line pace is unchanged. The difference is that a profitable company can carry senior debt, which lets insiders top up without anyone having to set a new price for the business.
How rival core-modernisation vendors are positioned
Its CEO named nCino, MeridianLink, Abrigo and Backbase as competitors in 2024. nCino, the listed benchmark, reported second-quarter fiscal 2027 total revenues of $161.0 million, up 8%, with subscription revenues up 10% to $143.5 million. It swung to $13.6 million of GAAP operating income and authorised another $100 million of buybacks. So the public leader is buying back stock while growing in single digits, and the private challenger is borrowing to grow four times faster from a much smaller base.
Backbase is leaning on partnerships. This month it signed a collaboration with Mastercard that makes Dynamic Yield, Test & Learn, SpendingPulse and Cyber Quant available through its AI-native Banking OS. FintechOS is using a similar distribution play in the US. The Paypers reports that a partnership with Finxact, part of Fiserv, adds to an existing agreement with Finastra Phoenix. Its US roster includes ESL Federal Credit Union, Vibrant Credit Union, Hanscom Federal Credit Union, Farmers Bank of Willards and MHG Insurance.
What management says
“Reaching profitability was not an accident, it was the outcome of a deliberate, multi-year effort to get our cost base, our margins and our delivery practice right before we pushed harder on growth again,” said Cyril Desouza, chief financial officer at FintechOS. Teo Blidarus, founder and chief executive, called Santander CIB’s support “a strong vote of confidence in the path we’re on,” adding that it gives the company capital to pursue the US “without compromising the discipline that got us to profitability in the first place.”
Why the delivery model matters to bank buyers
FintechOS is also introducing forward-deployed pods, each made up of a technical consultant and an engineer who work directly with a client’s product team to configure and launch products. The model, borrowed from data-software vendors, targets the real bottleneck in bank software sales: implementation time, not licence price. Put next to Dex, the company’s AI copilot for non-technical product configuration, the pitch is that credit unions and mid-tier insurers can launch products without a systems-integrator bill. It sits alongside other attempts to modernise bank infrastructure without replacing the core, such as FIS’s embedded banking platform.
In Europe, where FintechOS already counts BRD Groupe Société Générale, CEC Bank, Bankinter, Admiral, Howden and Groupama as clients, the stated aim is to deepen existing relationships, although The Paypers notes new UK customers too. Insurance, still drawing growth capital as Luzern Risk’s $45 million raise shows, remains a second leg.
What comes next
An insider-plus-debt round suits a profitable company, but it postpones the valuation question. Late-stage fintech pricing has been unforgiving, as Bolt’s $27 million round at 97.3% below its peak mark showed. The US numbers are the ones to watch. If the Finxact and Finastra channels hold 130% US growth through 2027, FintechOS will have the data to bring in a new lead at a price of its choosing. If US growth slows towards the group’s 40%, the Santander facility will look less like a bridge and more like the main source of funding.
Rick Steves
Rick Steves has seen business and economics through many lenses. He joined the financial services industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Steves' work has appeared in a variety of online publications including FX Street, NewsBTC, FinanceFeeds, and The Industry Spread. Rick has great interest in the dynamics of the trading industry. The never-ending clash between technology, economics, regulation, and more importantly, the people.
