Perfios, a technology Software as a service (SaaS) company in the banking and financial services industry, has raised $229 million from private equity investor Kedaara Capital.
The Series-D funding round, comprising both primary and secondary components, is one of the largest investments in the Indian B2B SaaS space this year.
The Bengaluru-based company will deploy the funds to power its global expansion plans in North America and Europe. It also plans to invest in new-age technologies to enhance its stack of Decision Analytics SaaS products.
"This investment will help us in strengthening the digital transformation journey of our partners, thereby powering financial inclusion and providing access to financial services to billions across the globe,” Sabyasachi Goswami, CEO, Perfios, said.
Perfios is a market leader in India with a strong footprint in the Middle East and Southeast Asia. In 2021, 14 years after its inception, the company underwent a major top order reshuffle to mark the beginning of its next phase of growth -- public listing in 2-3 years. The management restructuring saw Sabyasachi Goswami, who earlier served as the Chief Business Officer, succeed its Co-founder V.R. Govindarajan as Chief Executive Officer while the latter moved to the role of Executive Chairman.
Launched as a business-to-consumers (B2C) solutions company in 2008, Perfios soon pivoted to focus primarily on business-to-business (B2B) as it realized that financial institutions coming out of the great recession needed innovative solutions to execute deep analytics at a much faster and efficient manner, in lesser time, at a much effective cost. The company set out to build rounded solutions to help banks, non-banking financial institution (NBFI) and fintechs operationally lower the credit cost and non performing assets (NPAs) while building a quality portfolio. These solutions essentially help its clients understand and manage disparate structured or unstructured data for accurate decision making as they operate in a stringent privacy and compliance environment.
The company has since forayed into adjacent areas starting with insurance. Its insure-tech solution helps companies automate the manual intensive fraud investigation process which still depends on random sampling methods.
Perfios has built lead generation products for sourcing; verifications and KYC solutions for on-boarding; statement analytics solutions which can identify, income, obligation, repayment, and do credit assessment for decisioning; automation products for operations; the process flow for monitoring exercise; and account aggregator solutions that offers credit monitoring including regulatory reporting monitoring and credit risk monitoring.
Perfios is today the largest SaaS-based B2B fintech software company in the country. It serves over 800 financial institutions through its 75-plus product suite spread over 18 countries across Southeast Asia, Middle East, APAC, and MENA.
The company clocked $17.5 million of revenues in FY22. It has been profitable for the past five years. The company had previously raised investments from Bessemer Venture Partners and Warburg Pincus in 2019. With the new funding round, Perfios has raised approximately $355 million so far.