Avendus Capital Advises Financial Software and Systems (FSS) on Its INR 350 cr Fund Raise From Premji Invest.

FSS is a payments technology leader. The Company powers the retail payments initiatives of leading banks, financial institutions, processors, merchants, governments and regulatory bodies across the globe. The Company’s end to end payments suite powers retail delivery channels such as ATM, PoS, Cards, Mobile and Internet. Headquartered in Chennai, India, FSS delivers end to end payment products, services and solutions to 100+ global customers. In India, FSS domestic client portfolio of leading banks features majority of public and private sector banks in the country like State Bank of India, ICICI Bank, HDFC Bank, AXIS Bank, Punjab National Bank, Canara Bank, Bank of Baroda and Union Bank of India to name a few. Internationally, some of the large Banks, FIs, Processors and Prepaid Card issuers are customers of FSS across North America, UK/Europe, ME/Africa and APAC. FSS delivers business value to its clients via a diversified portfolio of software products, hosted payment services and software services built over 23 years of comprehensive experience across payments spectrum. FSSNeT, the hosted payment business of the company is the largest independent processor in the country and provides 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. It also provides multitude of value-added services, back office processing and ATM-related services to banks and financial institutions. Today, FSS powers 6 million transactions per day, powering faster and smarter payment solutions to billions of people across 7000 villages and cities in India. The company also offers a comprehensive portfolio of payments products for banks, retailers and other institutes. The products are designed to address diversified needs across the payment ecosystem and include highly scalable platforms for issuing, acquiring, merchant management, reconciliation and settlement, payment gateway, financial inclusion, social/ mobile banking and device monitoring. The Company’s a comprehensive set of software services includes system integration, offshore development, application and product testing, project management, migration and upgrade, onsite technical support and 24/7 helpdesk support. The services range from managing mature products with several releases into the market, to legacy systems that are at the end of their life cycle. FSS today has a worldwide presence with over 1600 employees.

Premji Invest is the family investment office of Mr. Azim Premji, Chairman of Wipro Enterprises, with a portfolio of US$ 2 billion across public and private equities. The fund invests in growth stage companies across geographies such as India, China and US with a focus on consumer, technology, financial services and healthcare sectors. Portfolio of the fund include market leaders such as FabIndia & Future Lifestyle in Retail, Flipkart & Snapdeal in e-commerce, NSE in Financial Services, Manipal Group & Health Care Global (HCG) in Healthcare.