Bangalore, May 28, 2022: The Karnataka Digital Economy Mission (KDEM) has fintech startup Illumifin’s new office in Mangalore. They are a fintech-based company supplementing KDEM’s objective of making the Mangalore cluster a fintech focus hub.
KDEM has set up a fintech task force led by Harshil Mathur, the founder, and CEO of fintech unicorn start-up Razorpay. The task group works toward creating a roadmap for the growth of the industry, identifying the opportunities and challenges faced by the fintech ecosystem in the state, leverages the partnering institutions and government to solve them and attract more fintech companies.
The BFSI and FinTech sector is a booming industry, and the engineering and management graduates can benefit from the immense opportunities it offers to the digitization of this sector.
The Beyond Bengaluru program of KDEM is spearheading the mission of proliferating the growth of the digital economy in clusters beyond Bangalore by identifying potential clusters in the state. The program aims at building a community of key industry players, entrepreneurs, start-up owners, academia, accelerators, and the student community, the Beyond Bengaluru program of KDEM is steering towards getting investments and generating employment in the state.
Said Sanjeev Gupta, CEO, KDEM: "Karnataka Digital Economy Mission is delighted to welcome Illumifin its Mangaluru cluster, under the Beyond Bengaluru initiative. The ecosystem of the Mangaluru cluster is dynamic and vibrant with innovation and rich entrepreneurship culture. Together with our ecosystem partners like Sahyadri, we are spearheading the objective of attracting 500+ IT companies and creating 30,000 jobs by 2026. We aim at leveraging the competitive advantage of Mangaluru being a cradle of banking & financial institutions and making it a hub of Fin-Tech-based operations. We welcome Illumifin to start its operations from Mangaluru and accelerate its development journey from #Beyond Bengaluru."
Details: Abry Partners, a leading Boston-based private equity firm and Hoplon Capital, an asset manager focusing on the digital disruption of end markets including insurance have acquired Concentrix Corporation’s stand-alone insurance third-part administration and software platform services company, Concentrix Insurance Administration Solutions. Concurrent with the acquisition, Concentrix Insurance Administration Solutions has been rebranded as illumifin Corporation, led by newly-appointed Chief Executive Officer Phil Ratcliff, a seasoned insurance industry executive with 30 years of broad-based financial services capability, including senior roles in industry, consulting, technology and outsourcing. illumifin is poised to be an innovative partner to the insurance industry, delivering visionary technology-enabled services and software solutions, to individual and group insurers.