Oneiro Solutions, a fintech start-up that is transforming the syndicated loan industry with its end-to-end digital platform, DLX, has signed two new early adopter customers and appointed a further two members to its board of directors.

This article was published on Financial IT.

New customers

Since raising over £1million in early 2022, Chris Papathanassi (CEO) and George Druncea (CTO) have continued to scale the business and its product development and sales team, leading to the signing of two more early adopter banks.

“The amount of interest the company is seeing has grown exponentially in the last few months,” said Chris. “Financial organisations based all around the world are waking to the need for innovation within their business models. They are discovering the value of migrating from ‘legacy’ to next generation technology that enables unrivalled customer experience – the gains of which are driving them to take action. These new signings are evidence of this.”

DLX is Oneiro Solutions’ platform which digitalises and automates the traditionally complex and error-prone syndicated loan servicing process. This includes the automation of loan drawdowns; rollovers; interest, principal and fee payments; document exchange; covenant monitoring; amendments and waivers; and more. Financial institutions and their customers are currently managing this activity in a siloed fashion, with unsecure faxes and emails being the main method of communication between parties. DLX is collaborative by nature, with self-services for lenders and borrowers, and it offers real time deal and transactional related data via secure online banking channels, which can be accessed anytime, anywhere, on any secure device.

Board appointments

To further strengthen their board, Oneiro Solutions welcomes two new members, Paul Mitchell and Chris Hardie.

Paul Mitchell has been supporting Oneiro since the company’s inception, working with Chris and George on the original pre-fundraising activities. This included introducing Chris to Graham Murphy, also a non-executive director of the company. Graham is a successful entrepreneur who built a lucrative Medtech business from scratch and “cornerstoned” Oneiro’s Seed Funding round via his network of investors early in 2022.  

Oneiro are thrilled that Paul has joined. He has considerable hands-on experience in various Finance, Operational and M&A roles within fast growing public and private companies. This includes Deltex Medical Group plc and Remote Diagnostic Technologies (RDT), the latter of which was sold to Philips Healthcare in 2018. Since 2018, Paul has continued with Philips to complete the integration of RDT and help to support its continuing success.

“Seeing what Chris and George have achieved to date, as well as the desperate need in this industry for their technology, I have no doubt of the company’s success. I am very pleased to join this board and look forward to continuing to work with them towards a bright and exciting future for their customers and the company,” Paul said.

Chris Hardie has over forty years’ experience as corporate financier for integrated banks Kleinwort Benson and Charterhouse, and latterly at SmallCap specialists Arden Partners and WH Ireland.

Chris has been a small cap specialist, particularly in the past twenty plus years, with broad experience of a range of corporate deals and financing transactions both in the private equity and public markets. The team are confident his depth and breadth of knowledge will help steer the company towards success.

“I was excited to join the exec team who are breaking the mould of established operators in their market with a game-changing product and believe that my experience of start-up and early stage companies will prove valuable,” Chris said.

Paul and Chris join Chris Papathanassi, George Druncea and Graham Murphy (founder of RDT) on the board of Oneiro Solutions.

About Oneiro

Oneiro Solutions is a fintech company founded in 2021 by Chris Papathanassi. Recognising a need in the industry for cloud-native end-to-end management of syndicated loan servicing, Chris and George Druncea left their employment to pioneer Oneiro. With a growing team of high calibre software engineers and an expert solution engineer, they have brought DLX, the Digital Loan Exchange, to market. 

DLX has been designed and developed from the ground up to offer game-changing digital transformation to clients and the industry as a whole, setting a new standard in customer experience. DLX enables the agent, lenders and borrowers to access a single source of truth that offers full transparency of deal data at each stage of its life. Where traditional software vendors only supply tools to represent a syndicated loan internally, DLX considers all parties involved and allows them to interact collaboratively. Where traditional vendors only supply some of the components required to service all aspects of the credit agreement (such as document management, voting, servicing and trading), DLX offers an all-encompassing solution that brings all these services together for a seamless and consistent experience for all parties.