Perfios, an Indian fintech that offers real-time credit underwriting solutions to banks and non-banking financial institutions, has secured $229 million in a new investment round as it aims to expand its influence and reach in North America and Europe.
Kedaara Capital, an Indian private equity firm, led the Series D fundraising for the 15-year-old startup. The new funding includes some secondary sales, but the amount was not specified by the startup. According to Tracxn, the Bengaluru-based startup has raised $384 million in primary and secondary deals to date, with Warburg Pincus and Bessemer Venture Partners among its investors.
The increased engagement of private equity investors suggests that Perfios, which operates in 18 geographies, is at least getting ready for an IPO. (PEs typically invest in startups, at least in the Asia region, two to three years before they go public.) Perfios has stated that it plans to go public within the next 18 to 24 months.
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Perfios provides a variety of services that enable organizations to automate loan choices, provide insight into a customer’s financial worthiness, and gather data for APIs. It provides model and loan insights, employs AI and ML methodologies, and is suited to a variety of financial products.
“Since our inception in 2008, Perfios has consistently led the way as a category-creating leader in the SaaS space. I am filled with immense gratitude and excitement to have led this journey with our 1000+ trusted partners,” Sabyasachi Goswami, chief executive of Perfios said in a statement.
“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.”
According to Perfios, it is the market leader in India and has a substantial presence in the Middle East and Southeast Asia. “Perfios has created truly the best-in-class fintech SaaS business that plays on the strong secular growth and increasing digitization levels in the financial services sector in India and globally,” said Nishant Sharma, founder and managing partner at Kedaara Capital.
businesses around the world are struggling to acquire additional capital as investors become apprehensive of the state of the public markets and Perfios’ significant fundraising comes at a very critical time.
