Low-code platform startup FintechOS has raised $60M in a Series B funding round, the firm announced Tuesday.

The light-on-coding software development approach used by Fintech OS, and others like Unqork, can accelerate the speed of deploying software-based tools by incorporating drag-and-drop functionalities for developers. This cuts down the cost of digital shifts for legacy institutions, making it easier for banks and financial institutions to compete with fintech firms offering solutions that are more personalized and easily accessed.

Active in the U.K. and Europe, some of FintechOS’ clients include banks like the $1.5 trillion Societe General and the $19 billion FirstBank. The company plans to use the funding to fuel international expansion “to target financial institutions in Asia-Pacific, Middle East, Africa and North America,” and add 120 staff members, representing a 40% jump in headcount.

“Events over the last year have only increased pressure on our industry to evolve and as a result we’re seeing growing demand for our powerful platforms,” Teodor Blidarus, chief executive at FintechOS, said in a statement.

The $60M funding round was led by venture capital firm Draper Esprit which has also previously invested in fintech firm Revolut and robotic process automation (RPA) provider UiPath. Other investors in the round include Earlybird Digital East, Gapminder Ventures and OTB Ventures.

FintechOS said it also plans to use the raised funds to expand its “core system capabilities in banking and insurance,” targeted at boosting the low-code development alternative and personalization driven through deploying machine learning and artificial intelligence.

Put simply, low-code development platforms let banks combine data from their existing infrastructure with new tools, thereby shortening the process time and allowing them to build functionalities without having to completely replace current systems.

“Incumbent financial services firms have cost-to-income ratios up to 90%, so we see a huge and increasing need for infrastructure software that allows digitization at speed, ease and lower cost,” Vinoth Jayakumar, partner at Draper Esprit, said in a statement.

While low-code development tools have existed since the 1990s, there has been a resurgence in interest in them, partly due to increased demand for digitization at speed and due to the need for remote-programming work brought up by the pandemic, according to research firm Gartner. The market for such development tools is expected to touch $13.8 billion, a nearly 23% jump from 2020 levels, according to Gartner’s analysis.