Perfios raises $229 million from Kedaara Capital in primary, secondary mix

Business-to-business fintech software provider Perfios on Monday said it has raised $229 million from private equity investor Kedaara Capital.

The capital raise, through the combination of a primary and secondary share sale, is expected to fuel the company’s global expansion across North America and Europe, per a statement from the company.

Perfios currently has a large footprint in West Asia and Southeast Asia. The statement added that it has been growing 100% year-on-year, without specifying any periods.


What it does

The Bengaluru-headquartered company offers a software technology platform to over 1,000 financial institutions across 18 countries, helping them extract, aggregate and analyse financial data to improve credit assessment.

It also helps these financial institutions create reports and monitor fraud by analysing financial data, including bank statements, taxes and business financials.

Perfios has over 75 platforms and products to help with onboarding, underwriting and monitoring, among other processes. It processes 1.7 billion transactions a year.

“This funding underscores … our achievements and the tireless dedication of our employees,” said Perfios chairman and co-founder VR Govindarajan.

What the funds will be used for

Apart from expansion across North America and Europe, the company plans to invest in technology to enhance its stack of decision analytics software products to solve customer journeys across banking, insurance, and embedded commerce for its clientele.

Funderspeak

“We look forward to using our operational expertise and deep connectivity in the financial services and technology spaces to help support the company in this next phase of its growth journey,” said Kartikeya Kaji, managing director, Kedaara Capital.

The private equity firm currently advises and manages over $3.5 billion through investments in several market leading businesses across a variety of sectors, including financial services, technology, business services, consumer, pharma, healthcare and industrials.

Earlier funding rounds

Perfios was founded in 2008. Bessemer Venture Partners joined the company’s cap table in 2017 during its Series A round, while Warburg Pincus joined in 2019 during Series B. The latest round of funding is Series D.

“Having been a part of Perfios’ journey from its early stages, we continue to be impressed by the company’s relentless drive, customer-centricity and innovation. Their commitment to revolutionising the financial services sector has been unwavering, and this new round of funding further solidifies our belief in their vision,” said Vishal Mahadevia, managing director and India head of Warburg Pincus.

The company had last raised about $70 million in a round led by existing investors Warbug Pincus and Bessemer India, in February 2022. The funding was planned to help partly finance Perfios’ acquisition of Karza Tech, a banking and financial intelligence solution provider, for $80 million in cash.

Before the 2022 round, Perfios raised funds in November 2019, when it scooped up $50 million from Warburg Pincus and Bessemer Venture Partners.