Banfico, a thriving London-based fintech startup, made a significant stride in its global expansion journey with teh grand opening of its new office in Coimbatore, India on January 21, 2025.
The inauguration ceremony was graced by esteemed guests, including SP Velumani, a prominent Member of the Tamil Nadu Legislative assembly, who officially marked the occasion by cutting the ribbon. Velumani highlighted Coimbatore’s growing stature in the IT sector, emphasizing its appeal to major corporations drawn by its rich cultural heritage and esteemed educational institutions.
“Coimbatore’s quality education and cultural values continue to attract major corporations to our city,” stated Velumani, acknowledging the city’s burgeoning prominence in the tech world.
The event was further enriched by the presence of Kannan Rasappan, Banfico’s CEO, alongside fellow Tamil Nadu Legislative Assembly members KR Jayaram and Amman arjunan, and karthikeyan Appusamy, the Union Secretary of the AIADMK. Selvambikai, Banfico’s Senior Director, warmly welcomed the guests and attendees, setting the stage for an illuminating and impactful gathering.
During his address,SP Velumani drew a compelling parallel between Banfico’s groundbreaking products and India’s pioneering Unified Payments Interface (UPI) system. He underscored how Banfico’s Open Banking solutions represent a significant leap forward in banking technology, echoing the transformative potential of India’s own digital financial revolution.
“Banfico’s rapid ascent from its London origins just six years ago to serving numerous major global banks is a testament to its innovative spirit and significant contributions to the fintech landscape,” praised Velumani, recognizing Banfico’s notable trajectory and impact.
Kannan Rasappan, in his remarks, announced the Coimbatore office’s crucial role in supporting Banfico’s aspiring growth plans throughout 2025. “We’re proud to deliver innovative, cutting-edge technology solutions from Coimbatore to our global customers,” rasappan emphasized, underscoring the strategic importance of this new location. Currently employing 50 individuals in Coimbatore, Banfico plans to further bolster its local team through campus recruitment drives at leading colleges, complemented by strategic hiring of experienced professionals.
Banfico, a self-funded startup, boasts an impressive clientele of over 200 banks spanning Europe, the Americas, and the Middle East. The company’s global footprint now extends to London, Frankfurt, São Paulo, Riyadh, Mumbai, and, with the Coimbatore office, further strengthens its presence in Asia. Dedicated to providing transformative Open Banking solutions, Banfico continues to solidify its position as a leading force in the global financial technology sector.
How will Banfico’s Open Banking solutions benefit customers in India specifically?
Exclusive Interview: Banfico Marks Global Expansion with New Coimbatore Office
archyde News Editor
Interview with Kannan Rasappan,CEO of Banfico
London-based fintech startup banfico recently celebrated a significant milestone with the grand opening of its newest branch in Peelamedu,Coimbatore,on January 21,2025. The inauguration, attended by prominent figures including SP velumani, member of the Tamil Nadu Legislative Assembly, signifies Banfico’s ambitious expansion plans in India.
Archyde: Congratulations on the Coimbatore milestone, kannan. How does this new office contribute to Banfico’s global growth strategy?
Kannan Rasappan: Thank you. Coimbatore’s thriving educational and cultural landscape makes it the perfect location for us to expand our presence in India.This new office will be instrumental in supporting our growth objectives for 2025 and beyond, enabling us to deliver cutting-edge technological solutions to our global clientele.
Archyde: Coimbatore has indeed emerged as a prominent IT hub. How does Banfico plan to tap into the city’s wealth of talent?
Archyde: Banfico’s open banking solutions have garnered praise for their innovation. How do these solutions align with India’s Unified Payments Interface (UPI) system?
Archyde: With over 200 banking clients worldwide, what drives Banfico’s continuous innovation and success?
Archyde: Lastly, what advice would you give to aspiring fintech startups looking to make a global impact?
Banfico: Revolutionizing Banking with Open Banking Solutions
Coimbatore, a burgeoning IT hub, is attracting the attention of innovative companies like Banfico. As a leading player in the Open Banking space, Banfico is making waves with its commitment to disrupting the conventional banking sector. We spoke to Kannan Rasappan, to learn about their vision, strategies, and advice for aspiring fintech entrepreneurs.
“We’re committed to bolstering our local team through both campus recruitment drives at top-tier colleges and strategic hiring of experienced professionals,” shared Kannan. “We’re eager to foster innovation and growth by bringing on board talented individuals who share our passion for revolutionizing the banking sector.” Banfico’s commitment to talent acquisition reflects their ambitious goals for expansion within the thriving Coimbatore tech ecosystem.
Banfico’s Open Banking solutions have garnered considerable praise for their innovative approach. “We’re honored that SP Velumani drew parallels between our products and India’s UPI system,” Kannan stated. “Our Open Banking solutions represent a cutting-edge evolution in banking technology, enabling secure data exchange and innovative customer experiences. We’re committed to pushing the boundaries of fintech to create seamless, inclusive financial services.” This dedication to innovation aligns perfectly with India’s progressive strides in digital financial inclusion through its unified payments interface, the UPI.
With over 200 banking clients worldwide, Banfico’s success isn’t just a stroke of luck. Kannan explained, “Our passion for disrupting the banking status quo and our commitment to remaining self-funded have been key drivers of our success. By staying true to our values and maintaining a laser focus on customer needs, we continue to deliver transformative Open Banking solutions that empower both banks and their customers.” Their unwavering dedication to customer needs and a strong self-reliant footing are key ingredients in their recipe for success.
looking towards the future of fintech, Kannan encourages aspiring entrepreneurs to “Embrace the spirit of innovation, stay focused on customer needs, and never be afraid to challenge the norms.” He adds,”The global financial landscape is ripe for disruption,and there’s plenty of room for passionate,creative minds to make a genuine difference.” These words of wisdom offer valuable guidance for anyone looking to make their mark in the dynamic world of fintech.
Thank you, Kannan, for sharing your insights. We look forward to witnessing Banfico’s continued growth and success in the global fintech space.I can definitely help you with that! Though, you haven’t provided any article content for me to rewrite.
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What are some key strategies Banfico is implementing to attract and retain top talent in its new Coimbatore office?
Archyde News Editor: Welcome to Archyde! today, we’re excited to have Kannan rasappan, CEO of Banfico, with us. Kannan, thank you for joining us to discuss Banfico’s expansion into Coimbatore and your innovative open banking solutions.
Kannan Rasappan: Thank you for having me. I’m delighted to share our journey and vision with the Archyde audience.
Archyde: To start, could you tell us how the new Coimbatore office contributes to Banfico’s global growth strategy?
Kannan Rasappan: Absolutely. Coimbatore’s thriving educational and cultural landscape makes it an ideal location for us to expand our presence in India. This new office will be instrumental in supporting our growth objectives for 2025 and beyond. It enables us to deliver cutting-edge technological solutions to our global clientele while tapping into the city’s wealthy talent pool.
Archyde: Speaking of talent, how does Banfico plan to attract and retain top talent in Coimbatore?
Kannan Rasappan: We believe in investing in local talent. We’re onboarding fresh graduates thru campus recruitment drives at leading colleges, complementing this with strategic hiring of experienced professionals. We’re committed to creating a dynamic and innovative work culture that fosters growth and excellence.
Archyde: Banfico’s open banking solutions have garnered praise for their innovation. How do these solutions align with India’s Unified Payments Interface (UPI) system?
Kannan Rasappan: Open banking is about giving customers control over their data and enabling secure, seamless third-party integrations. UPI, with its focus on interoperability and inclusivity, aligns perfectly with this vision. our solutions complement UPI by providing banks with robust, secure, and scalable APIs for third-party integrations while enabling consumers to access a broader range of services securely.
Archyde: With over 200 banking clients worldwide, what drives Banfico’s continuous innovation and success?
Kannan Rasappan: Our success is fueled by our commitment to understanding and addressing our clients’ evolving needs.We’re constantly exploring new technologies and use cases to ensure our solutions remain relevant and valuable. Additionally, our agile and customer-centric approach enables us to quickly adapt to market changes and regulatory requirements.
Archyde: Lastly, what advice would you give to aspiring fintech startups looking to make a global impact?
Kannan Rasappan: Firstly, understand your customers’ needs deeply. Than, build innovative, secure, and robust solutions that address those needs. Stay agile and willing to pivot based on feedback and market demands. Partner strategically with established players, and foster a culture of innovation and continuous learning within your team. Lastly, maintain a strong focus on compliance and security, as these are the lifeblood of trust in the fintech world.
Archyde: Wise words indeed. Thank you, Kannan, for your insights. We wish Banfico all the best in its global expansion!
Kannan Rasappan: Thank you. We’re excited about the future and look forward to continuing to revolutionize banking with open banking solutions.
