IBSFINtech to expand presence

IBSFINtech, which offers comprehensive treasury and trade finance solutions, has plans to expand to the Southeast Asian region and the Middle East. Also, it plans to open its Delhi office soon.

“We are planning to go overseas, and we will be foraying into the Southeast Asian region and the Middle East by the second half of this financial year. We are also planning to open our Delhi office by June,” confirmed IBSFINtech Executive Director C M Grover.

IBSFINtech has its development centre in Bengaluru, and a customer support-cum-sales office in Mumbai. It helps enterprises accelerate through its solutions for corporate treasury, forex and trade finance, with emphasis on risk management.

“We started developing our products in 2009, and by 2013, we had a beta launch. A lot of corporates still use Excel sheets and archaic system and do not leverage Treasury Management Systems (TMS) for treasury management. Several companies with over $10 billion forex exposures are still managing forex with Excel utilities,” he said.

The company launched its high domain-centric products that analyse and alert on a real-time basis. “We eliminate all manual work and one can pick up data on a real-time basis,” he said.
It competes with products from global giants such as SAP Treasury, Murex and SunGard.
According to McKinsey, the market potential of Corporate Treasury, B2B Payments and cash flows is $135 trillion globally.

The company has so far done 23 implementations, out of which six implementations are currently live.

“We recently added four big brands, including Mahindra & Mahindra and Sonalika International Tractors. We also received repeat orders from Future Group and Snapdeal,” Grover said.
The company, which is expecting 400% growth this fiscal, is also looking to cater to the MSME segment. “The testing phase is going on and our cloud-based solution for MSMEs will be ready by the second quarter of this financial year,” he added.

IBSFINtech is actively discussing with several investors to secure Series A funding of around $8-10 million for scaling up operations globally, as well as to fuel the product-related R&D.