Mumbai-based fintech start-up QPS has announced its expansion in the European continent by launching its services in the United Kingdom. The start-up will invest £10 million and create 100 new jobs, including several high skilled positions in the tech and fintech industry.
QPS is a leading B2B service provider offering a fully managed card issuance and processing platform, which is integrated with the banks as well as payment servers. Incorporated in February 2019 by Vinay Kalantri, the company is headquartered in Mumbai and a back-office stationed in Chennai.
“The United Kingdom is one of the fastest growing fintech markets in the world and is ideal for QPS to showcase its technological prowess. We truly believe that technology could be the defining factor that would enable us to capture 20 per cent of card issuing market within the first two years. We are also looking at clocking up revenues to the tune of £100 million in the next three years by targeting the overall BFS industry of The United Kingdom.
“We are truly grateful to the Government of United Kingdom for giving us this opportunity and look forward to a fruitful business association with them” said QPS founder and CEO, Vinay Kalantri. Listed among 50 Most Promising Entrepreneurs of 2017, Kalantari has been a part of the Fintech fraternity for more than two decades.”
Having already established itself in the card issuing ecosystem of India, QPS has now set its eyes on the fast growing European market. By optimising its secure open API issuer processing platform, QPS would be focussing on the real needs of the end user and would enable companies to customise their unique card programmes.
In a statement, UK Prime Minister, Boris Johnson said, “Trade and investment between the UK and India is creating good jobs and sustaining livelihoods in both of our countries. I’m very pleased that QPS has decided to join the legions of Indian companies investing in the UK, boosting our FinTech sector and driving economic growth.”
QPS is focused on breaking the mould of the legacy ecosystem by constantly evolving its backend technology. With the help of world-class APIs along and a dedicated developer portal with a modern core banking platform, QPS provides an instantly accessible private sandbox environment for its clients. Companies could now have a modern card system showing real time data points on credit limits, reward points, transactions, etc. It also gives companies a unique plug-and-play model that would enable them to launch new features with absolute ease.