Fintech startup Perfios announces employee stock buyback worth $18.5 million

Business-to-business fintech software provider Perfios on Tuesday unveiled an employee stock ownership plan (ESOP) buyback worth Rs 154 crore (about $18.5 million).

The buyback will be applied to shares of 135 employees, of whom 62 will become millionaires, as per a statement.

The announcement comes about a month after the Bengaluru-based company first announced a $229 million fundraise from Kedaara Capital in a primary and secondary mix.


Among the beneficiaries of the buyback are 80 women employees, the statement said, adding that 98 employees are under 30 years, while 152 fall within the 30- to 40-year age bracket.

“It's truly gratifying to see the Perfios Millionaire Club grow and thrive along with the company’s growth. The buyback reaffirms our dedication to placing our employees first and fostering a work environment where everyone can excel,” CEO Sabyasachi Goswami said.

The statement added that some of Perfios’ longest-serving employees, including those from both core and non-core functions like administrative and data processing teams have received a 30-fold increase in their earnings.

Perfios aims to double its revenue growth by the close of the financial year ending March 2023, while bolstering its presence in the Middle East and North Africa (MENA), Southeast Asia, and expanding to North America and Europe.

Apart from expansion, 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.

The 2008-founded 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 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.