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Private Equity | 15 March 2013

NEA, Jacob Ballas Backed FSS Technologies Plans Fund Raise

by Paritosh Gajjar
NEA, Jacob Ballas Backed FSS Technologies Plans Fund Raise
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Payment solutions company Financial Software and Systems (FSS) is close to raising $200 Mn (about R1,080 Cr) in a mix of PE and debt, according to BS.

The debt portion of R750 Cr is said to have been almost finalized and a PE infusion of R250 Cr (to be drawn in tranches) would initiate by the initial tranche influx by June this year.

Funds raised are segregated to be deployed into switch and ATM development (R500 Cr), for merchant-related services through POS, mobile, internet, financial inclusion, MPOS and micro ATM including Aadhar-related payments (R250 Cr).

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