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FLOWX raises $8.5 million
Helping banks and financial institutions break free of legacy limitations
Hailing from Bucharest, fintech FLOWX has raised $8.5 million in a seed funding round. The enterprise-grade platform helps banks and financial institutions with complex IT infrastructures build digital experiences that neo-banks have been championing for years now, experiences that consumers have grown to expect. The seed funding will be used to expand operations across Europe and the US, namely via recruitment efforts.
Looking at FLOWX’s home market alone, according to a Microsoft survey, one-fifth of CEE financial institutions have not addressed the fact that traditional banks and financial institutions are struggling to keep up in today’s digital-first world, with only about one-third of them having dedicated teams working on it.
This legacy systems issue is only going to get worse, as each year the banking industry alone spends over $200 billion on technology, with 85% of this budget being allocated to “running the bank”, that is, infrastructure maintenance and regulatory updates. I guess this might explain those fees?
The startup provides the banking and financial services industry with a platform whereby they can launch complex solutions in as little as ten weeks, all without having to dismantle existing infrastructures. Once in place, the company offers a “core revival” modernisation procedure, i.e. incremental updates, as opposed to a slash-and-burn method.
In order to achieve this, perhaps the best way to think of FLOWX is if a legacy system is an espresso, FLOWX is the steamed milk, and together they form a delicious cappuccino. In other words, FLOWX forms a tech stack layer on top of existing systems and provides the tools to create user-friendly, scalable, applications for web and mobile.
Employing what they refer to as ZeroRedeploy technology, FLOWX claims that they can deliver anywhere between 10x to 100x efficiency when compared to a traditional development process or the current generation of low-code/no-code tools (such as crosstown rival Finshape).
FLOWX is looking further down the road as well, and already addressing the Power and Utility, Telco, and Consumer Packaged Goods industries, with clients including Banca Transilvania, Vienna Insurance Group, and OMV.
The company’s seed round was led by PortfoLion, and saw participation from Day One Capital and SeedBlink.
FLOWX CEO and co-founder Ioan Iacob concludes, “This seed funding, less than a year after starting FLOWX, proves that the problem we address is massively painful – legacy infrastructure is holding back enterprises from growing. This
financing will support us in extending our offering globally, to giving companies back the freedom to build to more – together with our expanding network of global consulting and system integration partners.”
PublishedNovember 09, 2021
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Tudor Goicea
Co-founder of Aqurate
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As a startup founder, I am happy to witness SeedBlink’s dedication to expanding their support for early-stage companies beyond funding, towards a healthy equity management via Nimity. A solution to help better navigate relations with stakeholders, employees and future investors is needed in Europe. Less admin work and bringing transparency to the cap table are immediate benefits I was able to test.
Delia Iliasa
Managing Partner
SanoPass
SeedBlink is a transparent solution that connects entrepreneurs with great business plans, with investors, at different stages in their development. It is a great tool for us, a democratization of access to funding, I would say.
Ioan Iacob
Founder
FLOWX.AI
We really loved the SeedBlink journey. We reached our fundraising goal within hours of launching. About 100 investors joined our vision and invested almost $2 million in FLOWX.AI through the Private Deal Room. At the same time, working with SeedBlink to prepare for the funding round was an excellent exercise for our entire team, and we received and felt the support from the SeedBlink team members who took on an advisory role.
Dan Vidrașcu
CEO
VOXA
SeedBlink made the (investment) process run smoothly. We appreciate all the support SeedBlink's professional team has provided.
Tinu Bosinceanu
Founder and CEO
Upgrade Education
It's important to look for and choose a platform that you resonate with, that shares your mission with, a platform & its people with which you feel you can have good working relationships. we got an excellent relationship going forward; we talked a lot and we were in touch on a lot of matters and I think this was important. Having people who believe in your idea is of great help.
Kimmo Rytkönen
Founder and CEO
Income
Running the financing round was like any other fundraising; we had to be active in our community as well as in SeedBlink's investor community. After the launch, everything happened very quickly, and SeedBlink organized several pitch events for investors, which we found very useful for the round momentum.
Svilen Rangelov
Founder and CEO
Dronamics
We immediately clicked with the SeedBlink team as their fundraising expertise was immediately obvious and their no-nonsense approach really appealed to us. After all, fundraising is only a means to an end, and we liked how the SeedBlink team was really focusing on supporting us and on getting things done.
Mihai Darzan
Founder
Procesio
Our main expectation has been to raise the amount we were aiming for, and both rounds launched on Seedblink exceeded our targets, so we’re very happy with that! Even though the launched funding campaigns have been purely crowdfunding rounds, we are thrilled to actually receive extra support from some of the investors, who have chosen to get involved and help us generate product awareness, whenever they can.
Catalin Mester
Founder
Voxa
I am recommending SeedBlink without hesitation, to every founder that raises capital, especially early-stage tech startups. SeedBlink is a crowd investment platform that will also provide their startup with visibility, for Angels and VCs.
Dragoș Iliescu
Founder and CEO
Brio
In the early stages, we have been funded by several early (angel) investors, and one and a half year ago through an equity crowdfunding campaign on SeedBlink. Of course, this impacted our growth in many positive ways, partly due to the cash influx that, evidently, was sorely needed, but in a larger part due to the fact that our responsibility towards our shareholders has become more stringent and explicit, becoming embodied in our market approach.
Costin Tudor
Co-founder and CEO
Undelucram
Given the accelerated growth we observed at the end of last year and the beginning of 2021, we want a new capitalization, quickly. This is a bridge round that we will use for one year, and the advantages that SeedBlink offers are the speed at which we were able to list for financing and the experience that we gain as a result of this public listing, similar to a listing on the stock exchange.
Diwaker Singh
Co-Founder & CEO
Crikle
As a platform that only serves technology ventures, SeedBlink can connect the start-up with more than just money. SeedBlink investors are primarily technocrats who understand the objectives of the fundraising company and are also able to post-funding contribute with business opportunities. The minimum investment threshold, and technology focus, differentiates SeedBlink from other fundraising platforms. A perfect fit for a technology start-up seeking intelligent funding.
Florin Stoian
Co-Founder & CEO
Milluu
SeedBlink boosted our brand exposure and facilitated the financial support we were seeking. Having a campaign on the platform allowed us not only to meet a team of professionals - that guided and helped us prepare the necessary materials - but also opened doors for increasing our brand awareness and have discussions with VCs & angel investors we have never reached before. This campaign gave us the encouragement we needed to push the product further, while the record-breaking fundraising (only 2 hours from the launch of the campaign!) was a great confirmation that our product is needed in this market and that we should continue innovating.
Raluca Jianu
CEO & Co-founder
Epic Visits
SeedBlink has created a vital ecosystem for startups at the beginning of their journey by equipping entrepreneurs with expertise, encouraging honest and sometimes uncomfortable but necessary discussions about risks and vulnerabilities through a suite of tools, and facilitating connections with investors who share the founders' vision and can contribute to their success. I have greatly appreciated the constant support of Eric and the entire team at all stages of the campaign. Thank you so much!
SeedBlink S.A. is registered in the Register of the Romanian Financial Supervisory Authority (ASF), under number PJR28FSFPR/400001, as of 03.11.2022 with an EU passport as per European Securities and Market Authority (ESMA) register of crowdfunding services providers.
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