US-based fintech company Formidium has inaugurated a new office, the Centre of Innovation (COI), in Bengaluru, India, as part of its expansion plans. The company aims to hire 40-50 employees for various roles over the next three years, tapping into India's rich talent pool in the tech industry.

Nilesh Sudrania, Founder and CEO of Formidium, expressed the company's enthusiasm for leveraging India's Silicon Valley talent to bolster their position as a tech-enabled fintech firm in fund administration. Sudrania stated, "We will hire over 40-50 candidates in the next three years and expect to double the headcount in the next five years".

The newly established COI will focus on deep tech development, leading efforts in blockchain, artificial intelligence (AI), and fintech. Formidium is actively seeking professionals across cloud, security, blockchain, and Gen AI for roles in engineering, architecture, and product development.

Having been operational in major Indian cities since 2016, including Jaipur and Ahmedabad, Formidium currently employs over 800 people in India. The company is committed to driving technological advancements in fund administration and investment management, offering innovative solutions for fund managers on a global scale.