Perfios secures $229 million for its real-time credit underwriting solutions
A recent funding round has provided Perfios, a fintech company based in India specializing in providing real-time credit underwriting solutions to financial institutions, with $229 million in funding. This funding aims to expand the company into North America and Europe.
A private equity firm from India, Kedaara Capital, led the Series D funding for a startup that has been in operation for 15 years. While the startup did not disclose the amount for the new funding that included some secondary sales, it has already raised $384 million in primary and secondary transactions to date. Notable backers of the Bengaluru-based firm include Warburg Pincus and Bessemer Venture Partners, as reported by Tracxn.
Perfios, which operates in 18 locations, has garnered interest from private equity firms, indicating that the company may be preparing for its initial public offering. In Asia, it is common for such firms to become involved with startups two to three years before their IPO. Perfios has announced its intention to go public within the next 18 to 24 months.
Perfios provides services that empower companies to automate lending decisions, gain insights into a customer’s financial standing, and aggregate data for APIs. The AI and ML-powered platform offers model and loan insights and can be customized for various financial products.
Perfios AI can adapt and learn independently, enabling it to forecast trends in new markets or regions. According to a recent report by Bernstein analysts, the platform’s digital scoring system provides comprehensive scores, detailed breakdowns, and features to assess credit risk efficiently.
In a statement, Sabyasachi Goswami, the CEO of Perfios, expressed his immense gratitude and excitement for leading the company’s journey with over 1000 trusted partners since its establishment in 2008. He stated that the recent investment would further strengthen the digital transformation journey of their partners, allowing financial inclusion and access to financial services for billions globally.
Perfios says it is the leading player in the Indian market and has a significant presence in the Middle East and Southeast Asia. Nishant Sharma, founder and managing partner of Kedaara Capital, stated that Perfios has developed the best fintech SaaS business, capitalizing on the solid growth and increasing digitization of the financial services sector in India and worldwide.
Perfios has received substantial funding at a time when many startups worldwide need help to raise new capital. This is due to investor caution regarding the current state of public markets.