Omnio, a leading innovator in Banking-as-a-Service, has announced a EUR 30m funding led by pan-European venture fund GrayBella Capital. Omnio allows its customers to embed financial services within their existing customer relationships while benefiting from Omnio’s technology platform and regulatory expertise and The investment follows a year of substantial growth for the company in the credit union sector.
Omnio, via its Credit Union division Sercle now serves over 135 small financial institutions and over 1.5 million members. In the last 12 months the company launched the Vox Money platform and partnered with Credit Kudos, CUFA and NIVO. In addition, the highly respected credit union veteran Bill Hall joined Omnio as special advisor.
Building on this foundation Omnio supports smaller financial institutions and non-regulated enterprises with its proven Banking-as-a-Service model, which manages the complexity of ‘banking’ operations and regulation. It means that smaller financial institutions can compete with the bigger banks, and non-banks can deliver financial services embedded in their ecosystem or in parts, as our clients see fit.
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Richard Kivel, Managing Director at GrayBella Capital, says, “Omnio has secured a significant market position, that will allow it to be a critical player in the Banking-as-a-Service market. The quality of the team, technology and speed of its market roll-out is truly impressive. We are thrilled to be leading this financing.”
Adrian Cannon, CEO of Omnio, continues, “Omnio has built the future of services for these banks with its Banking-as-a-Service model and lets them offer competitive digital financial services that allow them to compete and grow in their local markets. Our mission is to empower small and mid-sized FI and non-regulated corporates to deliver great digital financial services and this convertible bond issue is an important step in providing Omnio with the resources it needs to scale quickly across the whole of the UK and Europe.”