Que Processing Services (QPS Global), a global card issuance and processing platform, announced it has plans to expand its operations across the Middle East by investing USD 10mn in next 6-12 months.
QPS has recently announced its expansion across the European continent, with an investment of 10mn pounds to set up their operations in London. With its secured open API processing platform, QPS would be focussing on the real needs of the end user by enabling companies to customise their unique card offerings.
With this fresh investment the company intends to expand its presence across key markets like Saudi Arabia, Qatar, Oman and Kuwait by March 2022, the statement said.
Speaking on the expansion plans, Vinay Kalantri, CEO & Founder, QPS Global said, “After expanding our reach in the European markets, we are now entering the Middle East by purely focusing on our technological disruption. In fact, we have already secured a deal of issuing 2.3 million prepaid cards across the Middle East market. Going forward, we are also looking at clocking up revenues to the tune of £100 million USD in the next two- three years across India, UAE & UK.”
With the help of world-class APIs along and a dedicated developer portal with a modern core banking platform, QPS provides an instantly accessible private sandbox environment for its clients. Going forward the company intends to hire 300+ employees globally to support their business expansion plans, it added.
Speaking on the expansion plan, Kalantri further added, “We are looking at acquiring at least a 20 percent market share in the card issuance industry by onboarding brands across BFSI, Fintech, travel, D2C and ecommerce. With our technology stack, brands can now launch new products and services in a matter of hours. Our goal is to constantly revolutionize the card industry by keeping in mind the end consumer’s day to day requirements.”
Incorporated in February 2019 by Vinay Kalantri, the company is headquartered in Mumbai and a back-office stationed in Chennai. Partnering with other Fintech giants like Sify, Trend Micro, Thales, Mastercard, VISA, and Rupay, QPS delivers an extensive Open API issuing CMS.
Presently, QPS has a team of 20 members based in India and few more in Dubai. This team has together earned a global clientele in the past two years and QPS aspires to expand its reach in the Middle East, UK, and Europe.
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