Bengaluru-based fintech company Perfios has raised $229 million in a new funding round. The B2B SaaS (Software as a Service) company’s Series D funding was led by private equity investor Kedaara Capital. This new funding, one of the largest B2B SaaS deals of 2023, is a combination of both primary fund raise and a secondary sale.
Launched in 2008, Perfios provides software and products to banking, financial services and insurance industries in 18 countries with a strong footprint in Middle East and Southeast Asia. It aims to deploy funds to fuel its global expansion in North America and Europe. Perfios counts Bessemer Venture Partners, joined in 2017 during Series A funding, and Warburg Pincus, joined the 2019 Series B funding, as its backers.
Sabyasachi Goswami, CEO, Perfios, said, “Since our inception in 2008, Perfios has consistently led the way as a category-creating leader in the SaaS space. I am filled with immense gratitude and excitement to have led this journey with our 1000+ trusted partners. This investment will 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.”
Nishant Sharma, Founder and Managing Partner at Kedaara Capital said, “Perfios has created truly the best-in-class fintech SaaS business that plays on the strong secular growth and increasing digitization levels in the financial services sector in India and globally.”
Perfios was launched as a business-to-consumers (B2C) solutions company but soon pivoted to focus primarily on business-to-business (B2B) after the great recession of 2008. Financial institutions coming out of the recession needed innovative solutions to execute deep analytics at a faster, more efficient manner, and cost effective manner.
It has since empowered over 1000 financial institutions by shaping their origination, onboarding, decisioning, underwriting and monitoring processes at scale and speed. This new round of funding seems to be in preparation of Perfios going public in the next 18 to 24 months.