Finqware, a Romanian fintech company specializing in treasury management automation with proprietary open banking technology, announces significant business growth in the year 2023.
„According to preliminary financial results, currently under auditing process, Finqware recorded an impressive 4x increase in revenue in 2023 compared to the previous year.” – the company said in a press release. Additionally, „this marks the company’s first year reporting taxable profit”, with an EBITDA margin of 29% (the ratio of earnings before interest, taxes, depreciation, and amortization to revenue).
„The increase in both revenue and profit is attributed to the expansion of the portfolio, including medium and large-sized companies adopting the FinqTreasury platform for financial operations automation (such as Fan Courier, One Property, Nepi Rockcastle, Electrica Furnizare, Autonom, etc.), as well as the development of open banking projects with partner banks (including Banca Transilvania and CEC Bank). It is worth mentioning that customer loyalty stands at 100%, with no company discontinuing the use of FinqTreasury or FinqOneAPI, the two proprietary solutions by Finqware.” the company explained.
„The excellent results from the past year confirm the success of investments made by both founders and investors in the Finqware team and the technology we develop. These figures demonstrate the value our products bring to clients, particularly in the enterprise segment, where our open banking-based treasury management automation platform, FinqTreasury, is unparalleled by any other solution in the market and has become the market leader,” declares Cosmin Cosma, CEO of Finqware.
„In essence, the results show that open banking works, gains adoption, and is a disruptive technology capable of generating value and profit, especially in the field where we are among Europe’s pioneers – the automation of financial operations for medium and large-sized companies. For Finqware, this is just the beginning of our development, as we aspire to build a significant player in the European paytech industry,” continues Cosma.
Photo: Finqware’s founders: Dănuț Covalciuc, Cosmin Cosma and Dumitru Țârâianu
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„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: