By | Business Bureau | Published: 9:50 am

Hyderabad: Hyderabad-based financial technology company Jocata Financial Advisory and Technology Services is looking to raise $5 million (approximately Rs 32 crore) in the next three to four months and is in talks with venture capitalists and investors. It plans to use this investment to expand its operations to Mumbai and New York by setting up offices there – that will happen by this year-end.

The seven-year-old company provides sophisticated software for banks and financial services enterprises to analyse digital lending, financial fraud, anti-money laundering and terrorist financing. It provides on-premise and cloud-based software services to some of the major banks both nationally and internationally including ICICI Bank, Axis Bank, Kotak Mahindra Bank, PNB Paribas among others.

“We are helping banks and other financial institutions like insurance to digitise their platforms through use of technology. Going ahead, we are also looking at deploying emerging technologies like Artificial Intelligence, Big Data to provide solutions to our clients,” said Prashant Muddu, CEO and managing director, Jocata Financial Advisory and Technology on the sidelines of the inauguration of a new centre in Hyderabad.

Both the founders – Muddu and Andrea Weist – have invested $1 million (approximately Rs 6.42 crore) as initial capital and have also raised $1 million through external funding with Persistent Systems being one of the major investors. With an employee base of 100 people, the company plans to hire as many as 50 people more in its newly opened centre and 20 in the about-to-be set up offices.

“For the new centre we have done an investment of around Rs 2 crore and it is a 10,000 sqft facility and can house 150 people to maximum,” Muddu said.