Fintech SaaS Startup Perfios Raises $229 Mn In A Mix Of Primary & Secondary Sale

Bengaluru-based fintech startup Perfios has signed an agreement with Kedaara Capital for an investment of $229 Mn in the startup’s Series D funding round through the combination of a primary and a secondary sale.

While the exact breakdown between the two was not disclosed, the investment comes almost 19 months after Perfios raised $70 Mn at a valuation of $400 Mn.

The funds will be used to fuel its global expansion plans, particularly into North America and Europe. Additionally, the startup plans to invest in technology to enhance its comprehensive suite of decision analytics SaaS products. These products aim to streamline end-to-end customer journeys in the banking, insurance, and embedded commerce sectors. 

Founded in 2008, by VR Govindarajan and Debasish Chakraborty, Perfios is a credit decisioning and analytics startup which operates in B2B and B2C segments. Currently operating in 18 countries, the company claims to be working with over 1,000 financial institutions.

According to the company, it delivers 8.2 Bn data points to banks and financial institutions every year to facilitate faster decisioning and processes 1.7 Bn transactions a year with an AUM of $36 Bn.

Since its launch, the startup has raised over $130 Mn from Bessemer Venture Partners, Warburg Pincus and Stride Ventures. 

Commenting on the fundraise, Sabyasachi Goswami, CEO of Perfios, said, “This investment will help us strengthen the digital transformation journey of our partners, thereby powering financial inclusion and providing access to financial services to billions across the globe. We are very happy to have Kedaara Capital as a new investor and thankful to Bessemer Venture Partners and Warburg Pincus for their continued support and confidence in us.”

Perfios helps financial institutions by shaping their origination, onboarding, decisioning, underwriting and monitoring processes. The startup offers 75+ products and platforms and over 500+ APIs.

The startup reported a jump of 88% in revenue to INR 136 Cr in FY22, while its losses shrank 62% year-on-year (YoY) to INR 12.36 Cr.

Perfios’ funding round has become one of the largest investments in a year marked with widespread funding correction, with only PhonePe, Lenskart, Ather Energy and DMI Finance raising larger funding rounds this year.