Bangalore-based banking software developing company iCreate Software has announced the completion of its Series B round of funding of $9.2M (Rs 50 crore). The investment round was led by Sequoia Capital and IDG Ventures India, the Series A investors, also participated. As part of this investment, Gautam Mago from Sequoia Capital will join the board.
The funds will be utilised for market expansion, product portfolio enhancement and to deploy banking solutions. iCreate claims its banking software products is used by over 20 banks across Asia, Europe, Africa and the Middle East, including HDFC Bank, IndusInd Bank, Bank of America, Gulf Investment Corporation, Capitec Bank, BankMandiri, SAIB Egypt and East West Bank.
Anup Pai, Founder & COO, iCreate added, "A global leader like Sequoia Capital will help us launch newer products and expand our portfolio. This new thrust will certainly catapult our growth."
Founded in 2010, with offices in Mumbai, South Africa, the Middle East and Europe, iCreate is a global banking decision sciences company. It creates enterprise-grade solutions to integrate with banking systems. It has software solutions for business intelligence, analytics and risk and compliance.
Shailendra Singh, Managing Director, Sequoia Capital India Advisors said, "iCreate has been delivering compelling value to the global banking sector with their banking BI and analytics products."