FLOWX.AI, an enterprise platform that enables banks and financial institutions with complex IT infrastructures to build fast modern digital experiences unbounded from the limitations of their legacy systems, has raised €7.35 million in seed funding. The round, which is one of the largest European seed rounds this year, was led by PortfoLion. Other institutional investors are Day One Capital and SeedBlink.
The Romanian startup will use the capital to expand in Europe and the US, expecting to grow the team by more than 20 people until the end of Q1 2022 to face the surging demand from banking and other financial industry companies worldwide. Also, the engineering and data science team will increase bandwidth to enhance the AI components and develop new functionality.
FLOWX.AI was founded in late 2020 by Ioan Iacob (CEO), Serban Chiricescu (CTO), and Radu Cautis and started operating in 2021. Previously, Ioan, Serban, and Radu have worked together in the digital transformation consulting company QUALITANCE. There, the founding team developed the product that would become FLOWX.AI and implemented it with global enterprises, thus benefiting from a solid product-market fit.
FLOWX.AI helps financial institutions create unified, omnichannel customer and employee experiences without changing their existing systems and infrastructure – and then to enable a smooth “core revival” modernization of their legacy systems, instead of the typical high-risk and disruptive “rip-and-replace.”
The platform enables financial institutions to launch complex solutions in just ten weeks – mortgage, pre-approved lending, onboarding – without requiring them to change their existing systems. FLOWX.AI also addresses use cases in the Power and Utility, Telco, and CPG industries, to help increase operational margins, digital-driven revenues, and accelerate innovation. The platform is already deployed by the largest bank in Southeastern Europe – Banca Transilvania, Vienna Insurance Group, and OMV.
Based on a novel architectural paradigm, FLOWX.AI enables smooth and fast integration of existing systems. It consists of an infrastructure-agnostic layer deployed in the cloud or on-prem, consolidating existing systems into unified, easy-to-use applications for web and mobile, and offering high scalability and reliability even on top of legacy systems.
“This seed funding, less than a year after starting FLOWX.AI, 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”, Ioan Iacob, FLOWX.AI CEO, and co-founder.
“FLOWX.AI has a huge market potential with a plausible promise of fast becoming a global player in digital transformation. Their solution stands out as it provides unmatched speed and security for modernizing the legacy systems of large enterprises. In an era of developer shortage, it’s fascinating to see such excitement and inbound interest from the developer community, said Gábor Pozsonyi, Partner at PortfoLion Capital Partners.