Romanian startup Finqware, which develops a cloud-based middleware that builds a bridge between businesses and their financial service providers, has raised EUR 500,000 in a new round of financing led by Elevator Ventures, the venture capital division of Raiffeisen Bank International (RBI).

Existing investors, including the venture capital fund GapMinder, participated in the financing round alongside Elevator Ventures, Profit.ro reported. In 2019, GapMinder invested EUR 180,000 in the Romanian startup.

Finqware will use the money to fund expansion plans in Central and Eastern Europe and product development.

Launched in 2018, Finqware has among its founders Cosmin Cosma, a former banker at Garanti Bank and Volksbank, and Danut Covalciuc, former Chief Operating Officer of Libra Internet Bank.

Finqware has already set in motion open banking in Croatia and Romania. An example of a use case for Finqware is the NEO mobile banking app developed for Banca Transilvania, which allows Banca Transilvania's clients to see their current accounts from ING Bank, Revolut, BCR, and UniCredit Bank in the same place.

andrei@romania-insider.com

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