Online payment technology firm, Financial Software & Systems (FSS) has raised around USD 57 million funding from Premji Invest, Wipro chairman Azim Premji’s investment firm. The new funds will be used for fueling innovations in digital payments for e and m commerce industry, financial inclusion and remittance businesses.
Also, the firm is looking to expand on the Company’s hosted services business and further strengthen its software products/IP portfolio. The funding will also accelerate the Company’s aggressive growth plans in global markets.
“In the next 18 to 24 months, the Company plans to go public. The fact that FSS has consistently attracted PE investments over the past 2 decades and this latest investment from Premji Invest will enable us to prepare for the IPO” said Nagaraj V Mylandla, Founder and Managing Director, FSS.
Recently, FSS had received funding from PE fund Carlyle and another round from New Enterprise Associates (NEA) and PE firm Jacob Ballas. It provides services to over 100 banks and financial institutions across the globe along with retail delivery channels like ATMs and Point-of-Sale (PoS) terminals. Its clients include like State Bank of India, ICICI Bank, HDFC Bank, AXIS Bank, Punjab National Bank, Canara Bank, Bank of Baroda and Union Bank of India among others.
FSS powers 6 million transactions per day, claims to have a presence in 7000 locations across India and consists of 1600 employees in its current team.
Image Credit: FSS