Investment banks are to outsource even more of their research and back-office operations to India and the Middle East, after a firm providing outsourcing to eight banks secured $50 (€42m) in venture capital funding.

OfficeTiger will receive a third round of funding from Francisco Partners, a San Francisco-based private equity firm. The investment comes during a period of rapid growth for the four-and-a-half-year-old company, providing it with resources to develop and make acquisitions.