Perfios, a B2B SaaS fintech, raised $80 million led by Teachers’ Venture Growth (TVG), a late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan.
The new investment values the company at over $1 billion, said sources. Perfios will become the second unicorn of 2024 after the company announced plans.
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, the 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 their comprehensive tech stack to power the end-to-end customer journeys across banking, insurance, and embedded commerce,” it said in a release.
As part of the investment, Darius Vakil, Director at TVG, India, 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 2019, it 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) of Perfios.
The 17-year-old company helps financial institutions with processes such as origination, onboarding, decisioning, underwriting, and monitoring.
Perfios claims to deliver 8.2 billion data points to banks and financial institutions every year to facilitate faster decisioning and processes 1.7 billion transactions a year with assets under management (AUM) of $36 billion.
First Published: Mar 13 2024 | 3:41 PM IST