The compant’s primary focus will be to fuel its ongoing expansion efforts.
Perfios, headquartered in Bengaluru and operating in the B2B software-as-a-service (SaaS) FinTech sector, has secured US$229 million from Kedaara Capital during its Series D funding round. This investment stands out as one of the most substantial inflows for an Indian B2B SaaS firm in the current year.
Having its roots from 2008, Perfios has established itself as a global player in the B2B SaaS domain, catering to the banking, financial services and insurance (BFSI) sector across 18 nations. The company has been instrumental in aiding over a thousand financial institutions in transforming vital functions like origination, onboarding, decisioning, underwriting and monitoring.
Perfios, handling a vast 8.2 billion data points every year, significantly enhances decision-making for financial institutions. Overseeing 1.7 billion transactions annually and with assets under management totaling US$36 billion, Perfios effectively refines the financial service delivery for the end-users of their clients.
The firm’s emphasis on frugality and efficiency in operations reflects its robust financial health. Remarkably, Perfios has not only met but also surpassed revenue expectations, boasting a consistent YoY growth rate of 100 percent and an ever-improving bottom line.
Mapping the future: Expansion and tech advancements
Established in the domestic market and with notable presence in the Middle East and Southeast Asia, Perfios is charting out strategies for furthering its reach in North America and Europe. Alongside geographic expansion, there’s also an emphasis on furthering their technological prowess, with an aim to augment their Decision Analytics SaaS offerings. These products are engineered to enhance the digital customer experience in sectors like banking, insurance and embedded commerce.
Nishant Sharma and Kartikeya Kaji, representing Kedaara Capital, expressed their enthusiasm about the strategic investment in Perfios, lauding the company’s innovative approach and leadership in the FinTech SaaS domain.
Sabyasachi Goswami, the CEO of Perfios, reflected on the company’s growth since its founding and its role as a contributor in the SaaS sector. Goswami emphasized that the new funding will be channeled towards facilitating digital transformation, aiming for broader financial inclusion. He also expressed appreciation for ongoing support from existing investors like Bessemer Venture Partners and Warburg Pincus.
Co-Founder and Chairman of Perfios, V. R. Govindarajan, highlighted the dedication and passion of the Perfios team. He specifically pointed to the company’s commitment to employees through wealth creation avenues like employee stock ownership plans (ESOPs) and stressed their continuing dedication to innovating in the financial sector.
The firm’s earlier partnerships with Bessemer Venture Partners and Warburg Pincus underscore its credibility and the faith reposed by these investment heavyweights. Speaking of their relationship with Perfios, Vishal Mahadevia, Managing Director & India Head at Warburg Pincus, conveyed his continued admiration for Perfios’ unwavering drive and innovation in the financial services domain. The recent investment, he hinted, serves as a testament to their enduring belief in Perfios’ visionary goals.
On a similar note, Vishal Gupta, Partner at Bessemer Venture Partners, reflected on their initial commitment to Perfios, reiterating their belief in the company’s unique vantage point in the B2B SaaS FinTech arena. As Perfios ventures into this renewed phase, Bessemer Venture Partners remains steadfast in their partnership and is optimistic about Perfios’ potential to create industry benchmarks.
Also read:
- 7 Exciting FinTech Innovations That Are Changing the Way We Bank
- The Rapid Rise of FinTech in India
- Fintech Startups: 3 Challenges You Need to Be Ready for before Launching
Header image courtesy of Pexels
Press release link:
https://www.perfios.com/post/perfios-announces-dollar229-million-series-d-funding-by-kedaara-capital
