 "Sabyasachi Goswami, CEO, Perfios")
Fintech-focussed software-as-a-service firm Perfios on Wednesday said it has secured $80 million in funding from Teachers’ Venture Growth (TVG), a late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan.
With the fresh investment, the company’s new valuation will cross the $1 billion mark, said sources, which makes Perfios the second unicorn of 2024. Before it, Bhavish Aggarwal’s AI startup Krutrim had attained the coveted status.
A unicorn is a term used to describe startups or companies valued at $1 billion or more.
Perfios said it plans to continue its expansion internationally in markets such as South-East Asia, Middle East and Africa. It will also use the recently raised funds towards inorganic growth partnerships or acquisitions.
“The company will also continue to invest in comprehensive tech stack to power the end-to-end customer journeys across banking, insurance, and embedded commerce,” it said in a release.
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Now, after this investment, TVG India Director Darius Vakil will join the board of Perfios as a nominee of Ontario Teachers’ Pension Plan.
The Bengaluru-based company had raised $229 million in a Series D funding from private equity investor Kedaara Capital in September 2023 at a valuation of $901 million, according to data from Tracxn, a market intelligence platform.
In a series C round, the company raised $70 million from Warburg Pincus, Bessemer Venture Partners and other investors in 2022.
In 2019, it had raised $50 million in a Series B round led by an affiliate of private equity funds managed by Warburg Pincus LLC and Bessemer Venture Partners.
“Our business has been seeing steady growth year-on-year, with consistent improvement in the bottom line. This investment will further 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,” said Sabyasachi Goswami, chief executive officer (CEO), Perfios.
The 17-year old company helps financial institutions with processes such as origination, onboarding, decisioning, underwriting and monitoring.
Perfios claims that it delivers 8.2 billion data points to banks and financial institutions every year to facilitate faster decision making, and processes 1.7 billion transactions a year with assets under management (AUM) of $36 billion.
