Stockholm: Financial technology firm, Polaris Software Lab Ltd, is planning to expand its base in the European markets beyond continental Europe, and Sweden could be its base to cater to the large untapped region.
“We are interested in expanding our European market base and we see Sweden as a potential hub to cater to northern, central and eastern Europe,” Polaris chief operating officer for Europe, Middle East and African (EMEA) region Chander Singh said. Polaris is considering joint venture alliances with local service providers, system integrators and others to be able to serve large customers in Sweden and other Nordic and Baltic countries.
“In the next three years, revenue from Sweden and nearby Baltic countries and other Nordic nations should increase fourfold to be in the range of $10 million (Rs48.2 crore) to $15 million,” Singh said.
The firm, which earned $300 million in revenue last fiscal, gets 85% of its revenue from the banking, financial services and insurance (BFSI) vertical.
Polaris earns one-third of its revenue from the EMEA region and expects to add up to 20% of its revenue from Europe through the expansion.
“In two-three years’ time, if we set up our operations very strongly in this region, we should be able to add 15-20% of our total BFSI revenue from this particular part of the world,” he said.