Cosmin Cosma CEO & Co-Founder: “ Now that we got our pan-EU license, it’s time to spread our wings. Funds will be used for further business and product development”
Finqware, fintech solution designed to provide fully automate banking operations, aims to attract 450.000 EUR on SeedBlink. The financing round is supported by 7X Partners as lead investor, already 250.000 EUR being committed to cover the round. The funding will be used for further business and product development.
“Our vision is to turn open banking and APIs into the preferred bank connectivity solution for large companies, relying on our own infrastructure for APIs aggregation. Until now, only a few global companies could install, on their premises, very costly and sophisticated solutions for treasury management, payments and financial operations in relation to their banking partners. The bank APIs are here now to open the access to extremely proficient treasury and cash management solutions to a wide number of companies, for a fraction of the price, on a monthly subscription-based model” states Cosmin Cosma CEO & Co-Founder.
Open banking connectivity comes with unparalleled benefits against the old technologies, like real-time data pulling and no-human touch financial data processing.
Leveraging the Revised Payment Services Directive in the EU, the PSD2 regulation, Finqware is set to simplify and enhance data access and payments for large companies. FinqTreasury aim is to become the financial operating system of mid-market companies, providing a range of modules designed to fully automate all banking operations of a large company: treasury, accounting reconciliations, payments to suppliers, collection of debts, acceptance of digital payments, cashflow reporting, financial audit. Its data aggregation infrastructure is already battle-tested with leading banks as beneficiaries in Romania and Croatia. Finqware already enables banks in the Central and Eastern Europe region to consume data from other banks.
The company was founded in 2018 by a team of highly experienced professionals in technology and financial services, Cosmin Cosma, +30 years’ experience in finance, business management, sales and entrepreneurship, Dumitru Taraianu, +17 years in systems engineering, Dănuț Covalciuc, +20 years in finance.
“The open banking movement continues to gain momentum, and all indications are that there will be increased collaboration between fintechs and large enterprises looking to offer digitised services to their customers,” Andrei Dudoiu, Managing Partner at SeedBlink, said in a statement. “Finqware is among the few and first companies to receive BNR approval and now has the European passport to scale, backed by a great team and product. We are excited to share this fintech opportunity with individual investors.”
Short and medium-term, the company plans to launch commercially in CEE, expand to Europe and become a global provider.
Finqware has a Seal of Excellence from the European Commission and is supported by Microsoft for Startups.