The purpose of the planned capital increase is to obtain a Finqware PISP license and to finance expansion in the region, including entry into the Hungarian and Bulgarian markets.
OXO Technologies has informed its investors and the public about its recent investment decision on the Budapest Stock Exchange: the company’s board of directors has voted a new capital investment for the Romanian company Finqware, portfolio.hu reports.
According to the decision, the EUR 1 million capital increase in Finqware is currently being negotiated with OXO Technologies in addition to the future 3 co-investors.
The company’s former investors include Romanian Gapminder VC and Raiffeisen Bank’s venture capital fund manager Elevator Ventures.
Finqware currently primarily provides banks with a core middleware data infrastructure, which is a bank-outsourced data aggregation service. However, by closing the investment portfolio and finalizing the cap table, they obtain a PISP (Payment Initiation Service Provider) license to gain access to bank-managed customer data.
As a payment service provider, they will then provide online banking services to the SME sector. Their two products, FinqTreasury and FinqPayments, are already in the MVP phase.
6 proof of concepts have been signed for the treasury service and 2 companies are already testing the MVP live. Arming the service requires closing the investment circle and issuing a PISP license.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
