New Delhi, Feb 12 (IANS) US-based fintech company Formidium on Monday said that it has opened a new office in India and plans to hire over 40-50 employees for different roles in the next three years.

The company set up the new office -- the Centre of Innovation (COI) -- in Bengaluru.

"We are looking to tap into the exciting talent pool available in India’s Silicon Valley to provide momentum to our journey as a tech-enabled fintech firm in the fund administration business," Nilesh Sudrania, founder and CEO of Formidium, said in a statement.

"We will hire over 40-50 candidates in the next three years and expect to double the headcount in the next five years," he added.

According to the company, the new office will focus on deep tech development and lead the research, development, and execution efforts in blockchain, AI, and fintech.

Formidium is looking to hire talent across cloud, security, blockchain, and Gen AI for the COI. Positions are open across engineering, architecture, and product roles.

Formidium has been operational in the major cities of India since 2016, like Jaipur and Ahmedabad, with a total of over 800 employees in India.

The company prioritises technology to change the way fund administration and investment management are handled. It provides innovative technology solutions for fund managers, offering high-quality fund services with global reach.