Indian SaaS fintech startup Perfios raises $229 million in funding
Amid a challenging funding landscape for Indian startups, Perfios, an Indian fintech that provides real-time credit underwriting solutions to banks and non-banking financial institutions, has received an impressive $229 million infusion of capital.
The B2B SaaS platform, leverages cutting-edge technologies such as artificial intelligence (AI) and machine learning (ML) to provide a comprehensive suite of services, including automated loan decision-making, customer financial credibility insights, and data aggregation for application programming interfaces (APIs).
Operating in 18 countries, Perfios serves as a critical partner for the Banking, Financial Services, and Insurance (BFSI) sector. It claims to deliver 8.2 billion data points to banks and financial institutions every year to facilitate faster decision-making and process 1.7 billion transactions a year with an AUM of $36 billion. The B2B SaaS company said it has clocked 100% year-on-year growth and is constantly improving its bottom line.
In February 2022, Perfios joined the unicorn club by securing $70 million in a Series C funding round led by existing investors Warburg Pincus and Bessemer Venture Partners.
Perfios' Series D funding, was led by Indian private equity firm Kedaara Capital and also included undisclosed secondary sales. To date, the Bengaluru-headquartered firm has raised $384 million in primary and secondary transactions to date, according to Tracxn.
Perfios plans to use the fresh capital to fuel its global expansion plans in North America and Europe. It also says the investment will help it strengthen the digital transformation journey of its partners, thereby powering financial inclusion and providing access to financial services to billions across the globe.
The impressive financial achievements also strongly suggest that Perfios may be gearing up for an initial public offering (IPO). Perfios has since confirmed an IPO timeline of 18 to 24 months from now.
