FINQware, a Romanian start-up who aim to become the Open Banking regional leader in CEE, had a very reached first year in 2018. The company pitched FINQ in 7 countries (Luxembourg, Poland, Portugal, Bulgaria, Romania, Germany and UK), finalist in 6 start-up competitions and won 3 awards : Local Hero @ Elevator Lab by Raifeissen Bank, Transylvania Startup Award and the big prize at Citi CEE PSD2 Regional Challenge.
FINQware’s potential was recognised at the regional level at CITI CEE PSD2 Challenge on 30th October 2018, in Poland. After that, they started collaboration with Citibank.
“Our Open Banking Tour 2018 helped us get exposure and create an important network of partners in all EU area. We started collaboration with 24 partners: local banks in CEE, global financial groups, cards schemes and technology providers. Although our partnerships are confidential and we cannot announce them publicly, we are very happy that they provide a solid base to develop our imminent success.”, said Cosmin Cosma, CEO and co-founder FINQware.
“We have met and started exploratory discussions with more than 20 VCs. We even had some money on the table back in April ’18, but we postponed at that time to take external funding – it was too early! Now, having better traction and validation of our project, we are raising and plan to conclude our first round in the next couple of weeks.”, added Cosmin.
2019 is an important year for Open Banking market in Europe. PSD2 will come in force and all the banking players will execute their strategies regarding this paramount changing trend in the industry.
“As an infrastructure for innovation in financial services, our cross-border FINQ middleware is getting shape to enable fintechs, banks and developers to leverage the EU digital single market by providing tools and products for consumers and businesses to better manage their financial assets. That’s our mission and we are determined to make it real!”, concluded Cosmin.