Financial Software and Systems (FSS), a Chennai, India-based payments provider, secured INR 350 crore (approximately $57m) in its fourth round of funding.
Premji Invest made the investment, which involved a combination of primary and secondary funding through purchase from existing shareholders, with significant portion being primary in nature.
The company, which plans to go public in the next 18 to 24 months, intends to use the funds to innovate in digital payments for e and m commerce industry, financial inclusion and remittance businesses, expand its hosted services business, further strengthen its software products/IP portfolio, and accelerate its growth plans in global markets.
Led by Nagaraj V Mylandla, Founder and Managing Director, FSS provides a hosted payment business and ATM/ POS switch services, card issuance and management, wholesale payments, corporate payments, ATM managed services, POS services including mobile PoS and micro ATMs, internet payments, mobile banking and payments and financial inclusion services. The company also offers a portfolio of payments products for banks, retailers and other institutions to address diversified needs across the payment ecosystem and include platforms for issuing, acquiring, merchant management, reconciliation and settlement, payment gateway, financial inclusion, social/ mobile banking and device monitoring.
Clients include State Bank of India, ICICI Bank, HDFC Bank, AXIS Bank, Punjab National Bank, Canara Bank, Bank of Baroda and Union Bank of India and other banks, FIs, processors and prepaid card issuers across North America, UK/Europe, ME/Africa and APAC.
FSS currently has over 1600 employees.