Tech Mahindra will provide operational support and maintenance services, as well as development and implementation, it said in a statement. (Agencies)
No specific financial details of the multi-year, multi-million pound deal was disclosed.
"Our partnership with Tech Mahindra is integral to the delivery of all aspects of our strategy. Our partnership gives us access to deep systems knowledge, professional resources and decades of financial systems expertise, enabling us to innovate with confidence," Premium Credit Chief Operating Officer Gopi Chelliah said.
BFSI (Banking, Financial Services and Insurance) practice area is one of the largest contributors to revenue at Tech Mahindra at 10 percent.
Its clients include one of the top 3 retail banks in the US, Canada, UK, Australia and India as well as one of the top three insurers in US, Europe, Australia and India.
Europe is home to some of Tech Mahindra’s largest clients and constitutes 32 percent of the company’s global revenues.
"We are bringing both development and support capabilities to bear on a complex environment. High volumes of transactions and mission critical, customized legacy systems typify financial technology in lending institutions. These must be effectively integrated with both a consumer front end and business management tools," Tech Mahindra Head – Europe (Enterprise) Vikram Nair said.
The companies are working together to develop Premium Credit’s financial infrastructure as a connected, flexible business platform that will continue to support the business’s growth, he added.
Premium Credit has 1.8 million customers and achieved advances of GBP 3.3 billion in 2012, processing 24 million Direct Debits. It works with 4,000 intermediaries across its chosen markets and has two offices in Epsom and Dublin. It has 300 employees.
Tech Mahindra will provide operational support and maintenance services, as well as development and implementation, it said in a statement.