Banking-as-a-Service (BaaS) fintech Omnio has raised €30 million in pre-IPO convertible bonds in an oversubscribed round led by GrayBella Capital
UK-based Omnio offers a white-label, scalable banking service and claims to be the “secret ingredient that transforms retail banking”.
Its target market includes smaller financial institutions, credit unions and building societies. The firm says it can enable these firms to compete with larger, tech-enabled rivals.
It currently serves 135 credit unions, with over 1.5 million members and “multiple European banks”.
Omnio plans to use its new raise to accelerate a UK and international roll-out of its product. It’s also keeping the round open for “selected additional investors”.
Adrian Cannon, CEO of Omnio, says: “This investment allows Omnio to grow quickly towards its goals and is a key stepping-stone to a listing that will provide the resources needed to scale quickly across the whole of Europe.”
Omnio states it is working towards a listing in the short term, and has appointed Jörgen Durban as chairman to lead that project.
Durban has experience at Nordiska Kreditmarknadsaktiebolaget, DDM Holding AG, and Haldex. He is a trained lawyer and was previously a partner at Linklaters.
“I am very excited to join Omnio at this pivotal moment,” he says, “as Omnio’s international roll-out and public listing plans propel it into a different league.”
Omnio was created in 2018 as a result of a merger of Payment Cloud Technologies and Tuxedo Money Solutions.
Related: Banking-as-a-Service: who is it for?