Feb 17: IT products and solutions company Virinchi Ltd, which has operations in India and the US, has partnered with a US-based lender for its flagship software product named ‘QFund’ on cloud.
“Virinchi has signed a multi-year contract for its flagship product QFund, with one of the leading lenders of alternative financing industry in USA, based out of Midwestern region of USA, operating through their 300 branches spread across 14 states of the US, apart from lending through their online channels. Virinchi’s Cloud solution will replace the entire present IT infrastructure of the lender,” said the company in a filing on Friday.
Over the first three years of the contract starting Jan 2017, Virinchi is expected to generate an annuity revenue of $2.5 million and services revenue of another $2.5 million, totaling a $6 million revenue addition over the same period, it said.
QFund is a market leading premier software for short term financial solutions industry. It provides a comprehensive web-based PoS solution capable of handling various short term finance transactions such as payday loan, check cashing, installment loan, title loan and auto/equity loan, according to the company website.
Based in Secunderabad, Virinchi Ltd, formerly Virinchi Technologies Ltd, offers IT products and services to its global clients including some Fortune companies operating in various industry verticals.