Bengaluru-based fintech firm Perfios has reportedly raised $6.1 Mn (INR 40 Cr) in Series A funding round from Bessemer Venture Partners. This is Bessemer’s first deal in a pure play fintech platform.
The raised funds will be used for team strengthening, international expansion to the UAE & Southeast Asia and potential acquisitions.
As stated by Aakash Goel, Vice President at Bessemer Venture Partners India, “We think of Perfios as an embedded intelligence product that has wide applications in the fintech space. We are excited since the company can combine disparate data sources which will help it create a long-enduring moat by becoming a value-added provider to the fintech ecosystem.”
Founded in 2009 by V R Govindarajan and Debasish Chakraborty Perfios is a product technology company which operates in the B2B and B2C segment. CB Insights named Perfios among the top 102 global companies in 2016.
The platform enables financial institutions in real-time decisioning, analysis and credit underwriting. The company provides services such as banks statement analysis,, e-verification, financial analysis, fraud check, etc. It also provides financial data aggregation APIs which helps large institutions or fintech companies to power their personal finance or money manager applications.
The company currently claims to work with 100+ clients including banks, NBFCs, digital lending platforms, mutual fund companies, insurance companies etc. in India and abroad. The list includes YES Bank, HDFC Bank, Axis Bank, Capital First, Bajaj Finserv, HP, Indifi, Kotak Securities and more.
On the consumer front, Perfios helps users track and manage their financial accounts.
Earlier, in March 2010, according to NextBigWhat, Perfios raised ~$3 Mn from a clutch of individual investors including P.S Pai (formerly of the Murugappa Group and Wipro), V.Chandrasekaran (formerly of Wipro, iGate, and Aztecsoft), Dr. Ashish Gupta (Helion Venture Partners), and A.G Muralikrishnan (Ujwal Management Services).
The fintech startups, today, are chasing a potential $2.4 Bn market, as per a joint report by KPMG India and Nasscom 10,000 Startups. The projection is supported by a CB Insights report, which states that, in the last five years, digital banking startups have secured more than $10.3 Bn in funding. Other leading startups in the personal finance management space are ETMoney, Wealthy, Money View Fisdom, Walnut and more.
Email queries sent by Inc42 to Perfios did not elicit a response at the time of publication.
(The development was reported by ET)
