The USD 80 million investment from Teachers’ Venture Growth, the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan, values Perfios at over USD 1 billion.
Perfios, which raised a USD 229 million funding round in September 2023, said it will use the fresh capital to strengthen its business outside of India and to explore inorganic growth opportunities. The startup, which is operational in nearly two dozen markets and has raised USD 464 million in primary and secondary transactions by the time of this announcement, plans to go public by 2025.
Perfios provides real-time data aggregation and analysis tools to financial institutions, enabling them to streamline their customer journeys and make more informed decisions. By leveraging advanced algorithms, the startup helps banks, fintechs, and other financial institutions as well as insurance firms reduce risk, spot fraud, and improve the overall quality of their portfolios while strengthening their decision-making processes.
The Indian fintech said it delivers 8.2 billion data points to banks and other financial institutions every year to facilitate faster decisioning, and processes 1.7 billion transactions a year with an AUM of USD 36 billion. The startup, whose customers include HDFC and Kotak Bank, generated a revenue of USD 49.1 million in the financial year ending March 2023.
Commenting on this news, officials from Teachers’ Venture Growth said they are happy about the growing opportunities within the B2B enterprise tech space in India, and whey believe Perfios is a suitable fintech-focused SaaS player.
Ontario Teachers’ Pension Plan, one of Canada’s largest pension funds, has ramped up its interest in India in recent years. The fund, which also backed logistics unicorn XpressBees in 2023, has invested more than USD 3 billion in India and plans to deploy a significant amount in the country by 2030 as part of its broader goal to deploy USD 300 billion in certain key markets.
Perfios’s acquisition plans kicked off when it bought risk management startup Karza Technologies in 2022 for over USD 80 million in an all-cash deal, solidifying its position in the industry. This move aligns with Perfios' strategy to enhance its lending-focused product offerings, following its previous acquisition of FintechLabs Technologies. The acquisition reflects the growing opportunities in India's fintech market, which is projected to reach USD 1.3 trillion by 2025, with lending technology comprising a significant portion.
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