Nucleus to acquire mobile banking firm; signs new client in Switzerland
bob Finance, new client of Nucleus
Nucleus Software is looking to get into the mobile banking game with an upcoming acquisition. It has also onboarded a Swiss consumer lending start-up for its flagship lending software, FinnOne Neo. At a board of directors meeting held
this week by the Indian vendor a series of company growth initiatives were decided upon, including the investment of up to $740,000 on the acquisition of a ‘mobile technology solutions company’. Terms and conditions, as well as the
name of the acquired company, are set to be released on completion of the deal. Nucleus Software may well be looking
to diversify following some uninspiring quarterly net profit results in 2015. The firm’s total net profit fell by 42% in Q1 and 65% in Q2 when compared to the previous year, despite a small upturn in quarterly revenue. The company partnered with Micro-
soft last year to deliver FinnOne Neo on Microsoft’s Azure Cloud. The deal was met with soaring share prices, as Nucleus’ saw a
© IBS Intelligence 2015
16.85% rise. According to Nucleus Software global
product head, Arup Das, using Microsoft’s Azure would enable FinnOne Neo to be- come more secure, scalable and responsive to customer demands. In terms of new sales of FinnOne
Neo over the last year, the vendor signed deals with an India-based lender, Magma Fincorp, and a Swiss start-up, bob Finance. The latter is a brainchild of a European independent retailer, Valora, which decided to enter the consumer finance space. Bob Finance offers two digital
consumer loans outlets: bob money and ok.-cash. The idea is to apply retail customer experience to financial services, with an easy to understand product, clear pricing and convenient and fast application process.
Nucleus’ platform supports loan
management and collections operations at bob Finance.
Alex Hamilton
www.ibsintelligence.com 33
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