Tuesday, July 27

FIS India revenue crosses $100 million

Fintech solutions player FIS India has recorded over $100 million in revenue and the firm is targeting to grow its topline faster than GDP growth of over 7 per cent in the coming years, a top official has said.

A bulk 70 percent of the revenue accrue from the payments front, while the rest come from the legacy core banking systems for retail banks.

“We expect our growth in upper single digits over the next several years,” FIS Global’s chairman, president and chief executive Gary Norcross told here.

He said the company has been present here for over two decades now and employs 14,000 across five cities at present they are engaged both in local sales and also creating solutions for the world.

Its overall revenue stand at over USD 9 billion, while the worldwide employee base is 52,000, he said.

At present, it is investing in both increasing its sales team and also on the delivery side, he said, adding the company had won a major chunk of domestic business from the newly formed payments banks and small finance banks.

It also serves entrenched lenders, helping them majorly on the payments side, Norcross said.

At a time when a bulk of service providers in the automated teller machines (ATMs) segment are complaining and an industry body has also warned of shutting half of the overall 2 lakh machines, Norcross said his company is not unhappy about this vertical.

“We’ve been very pleased with our ATM business in the country over the last five plus years, and continue to see it as a nice business for us,” he said, adding the company presently manages 14,000 ATMs for domestic lenders.

As with all other markets, the company continues to be on the lookout for inorganic growth opportunities to grow in the country, but Norcross declined to specify any particular plans or discussions on this front with regard to India operations.

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