In a significant milestone for the Indian fintech ecosystem, Bengaluru-based SaaS firm Perfios has soared into the coveted unicorn club following an infusion of $80 million in funding from Teachers’ Venture Growth (TVG), a prominent late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan.
This latest funding round marks a remarkable achievement for Perfios, arriving just six months after the company closed a substantial $229 million Series D round. With this injection of capital, Perfios has not only surpassed the $1 billion valuation threshold but has also solidified its position as a leader in the fintech space.
Perfios, known for its innovative SaaS solutions tailored for business-to-business (B2B) financial operations, intends to leverage the fresh funding to bolster its international expansion efforts and fortify its presence across the globe. Additionally, the company aims to explore strategic growth opportunities while further enhancing its technological infrastructure to optimize customer experiences within the realms of banking, insurance, and embedded commerce.
The cornerstone of Perfios’ offerings lies in its ability to streamline the aggregation and analysis of diverse financial data, ranging from bank statements to tax information and business financials. This enables the generation of comprehensive reports crucial for credit assessment, fraud detection, and banking data aggregation. Over the years, Perfios has cultivated a robust clientele comprising over 100 major institutions spanning banks, non-banking financial companies (NBFCs), digital lending platforms, mutual funds, insurance providers, and human resources departments.
With a footprint extending across 16 countries, Perfios prides itself on empowering more than 1,000 financial institutions worldwide. The company’s platform processes a staggering 8.2 billion data points annually, facilitating rapid decision-making processes, and handles 1.7 billion transactions each year, with assets under management (AUM) totaling $36 billion.
In a testament to its commitment to fostering employee welfare and rewarding dedication, Perfios has announced a buyback of employee stock options (ESOPs) worth Rs 154 crore (approximately $18.5 million) from 135 current and former employees. This move underscores Perfios’ recognition of its team's invaluable contribution to its success trajectory.
Furthermore, Perfios has achieved profitability in the fiscal year 2022-23, reporting a threefold increase in revenue from operations, soaring from Rs 136 crore in FY22 to Rs 407 crore in FY23. The company’s strategic acquisition of fintech startup Karza Technologies has proved to be a significant catalyst for growth, with Karza contributing Rs 168 crore in revenue and Rs 51 crore in profit after tax during the last fiscal year.
Perfios’ ascent to unicorn status in 2024 underscores the resilience and innovation inherent in the Indian startup ecosystem. As the second unicorn to emerge this year, Perfios' success mirrors the transformative potential of technology-driven solutions in reshaping financial landscapes and driving sustainable growth.
