Financial technology provider FintechOS has raised $10 million from the International Finance Corporation (IFC), a member of the World Bank Group.

The investment came as part of FintechOS’s $60 million Series B funding round.

The IFC said the investment will support FintechOS in boosting financial global inclusion by helping institutions improve access to financial services, making them more affordable and boosting their impact on unbanked and underbanked communities.

Over 1.7 billion people are unbanked globally according to The World Bank.

The IFC said it will support FintechOS’s expansion strategy by facilitating partnerships with its extensive network of bank clients and partners.

In addition to the IFC, Draper Esprit and existing investors Earlybird Digital East, Gapminder Ventures, LAUNCHub Ventures, and OTB Ventures also participated in the round.

“Today financial technology is too often an inhibitor rather than an enabler of inclusion,” said Teodor Blidarus, co-founder and chief executive at FintechOS. “Financial institutions both large and small simply don’t have the right tools at the right price point to meet market demands.”

“Powerful emerging technologies like low-code just aren’t being utilised. And this impacts those at the bottom of the pyramid most acutely. Our unique approach to financial technology is designed to overcome many of the barriers institutions face in serving those financially excluded.”

“Banks, insurers and FinTechs can now use the latest technologies to build hyperspecialized offerings that are commercially viable and meet the specific needs of unbanked and underbanked communities.”

He added: “With the investment and support of the IFC, we are making it our mission to ensure individuals across the globe have access to financial services they need to not just survive but thrive.”

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