Fintech Omnio secures €9m of equity funding
Ellie Duncan | News
13 Feb 2023
Banking-as-a-Service fintech Omnio has raised €9 million of equity funding, out of a total target of €12 million, ahead of its merger with Nordiska and Swiss Bankers, and an initial public offering (IPO) later this year.
Existing investors participated in the fundraising, as well as new investor Opentech, which develops full stack solutions currently adopted by financial institutions in Italy, Switzerland and Austria.
Stefano Andreani, founder of Opentech, will join Omnio’s board and executive team.
Meanwhile, UK-based Omnio will keep the funding round open for selected investors.
Jörgen Durban, Omnio’s chairman, said the fundraise will secure the working capital for the fintech to complete “some exciting strategic plans”, which include its imminent merger with Nordiska and Swiss Bankers, as well as a listing planned over the next 12 months.
Omnio’s BaaS offering includes its loyalty platform Domec and the Sercle business, which is a credit union platform, serving 135 financial institutions and more than 1.5 million members of its credit unions, consumer brands and banking customers.
In October last year, DDM Debt announced the acquisition of a minority stake in Nordiska, a Nordic credit institution with assets totalling approximately SEK8 billion, to combine Swiss Bankers and Omnio under the newly-formed Nordiska Financial Solutions Group.
Durban said: “Embedded finance is one of the most significant trends we have seen in consumer finance, as it provides financial products where they are most needed, as part of the consumer journeys of the leading brands.
“Despite a difficult market environment for fintech fundraisings, Omnio managed to demonstrate that it remains a strong competitor in the high-growth area by closing this significant round with commitments from existing investors and Opentech as a new investor.”
Andreani added: “We are building an outstanding embedded finance platform that will effortlessly allow plugging-in financial services into the digital channels of retailers and banks.”
