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Finqware, a Romanian fintech preparing to enter the European banking market, receives a start-up investment of € 180,000 from the Gapminder VC investment fund.
Finqware's first round of external financing, the company being created in 2018 and planning to become the market leader in open banking in Europe in the coming years, the startup announced in a statement.
The amount attracted by the start-up fintech founded by Cosmin Cosma, Dumitru aranianu and Dănuţ Covalciuc will be used to further develop the solution and the infrastructure. The company's aim is that in the autumn of this year, when the revised Payments Directive (PSD2) issued by the European Commission will oblige banks to open their systems, Finqware's customers will form the first wave of adoption of the open bank.
Under the term "Open Banking at work", Finqware develops a banking aggregation infrastructure linking banks and financial service providers to companies wishing to develop innovative digital products and solutions in the financial sector.
"We can say that we are an innovation platform." All financial applications, such as mobile banking or digital wallets, will start helping the user simplify their financial life by managing their bank accounts. and other financial products in the same place.We provide these applications with the connection infrastructure to the banks so that the technological complexity associated with the simultaneous interconnection of hundreds of data sources is not a problem. obstacle to innovation. "- Cosmin Cosma, co-founder and CEO of Finqware.
In parallel with the development of the API (Application Programming Interface), the company is also developing its regional coverage, having already various collaborations with banks and financial technology companies in Romania, Poland, Hungary and Slovakia.
"We are at the stage where we are starting to test the Open Banking features with partner banks and financial companies.The opportunities are enormous, only one must start to implement them, learn them by experimenting with different pilot projects. We stay on the theories about the benefits of financial innovation, and we hope that things will be unlocked soon so that we can show, through the countries we go to, concrete examples with banks and banks. companies in Romania, "said Cosmin Cosma.
Finqware has recently received the recognition of the "seal of excellence" from the European Commission for the innovation potential of the solution it develops. In fact, just 18 months after its launch, Finqware has won numerous awards at innovative events for start-ups in Romania and abroad. Among them is the grand prize of the "PSD2 CEE Regional Challenge" held in Warsaw in October 2018, when the Romanian fintech was recognized as the most innovative Open Banking solution in the CEE region.
"We have been observing for a long time this very comprehensive offer of banking data aggregation.Finqware is a Romanian company on which we have been focusing for more than a year, almost immediately after its creation, and with its developed agility in Shortly, she convinced us that she can be a powerful player in this field.Market in formation.GapMinder funding fits into our goal of supporting innovative companies and capitals of the region for help them grow globally, "said Sergiu Rosca, founding partner, GapMinder Venture Partners.
GapMinder Venture Partners is an investment fund designed to provide capital to start-up but growing businesses, as well as the development of technology-intensive SMEs, both locally and internationally. The investment fund focuses on technology and services, sector diversification, product-oriented objectives and the team. GapMinder invests in companies in the first investment phase (series A), seed and pre-seed (acceleration).
GapMinder is co-financed under the Operational Program for Competitiveness 2014-2020.
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