Perfios raises $229 million for its real-time credit underwriting solutions
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Perfios raises $229 million for its real-time credit underwriting solutions

Perfios, an Indian fintech company that provides real-time credit insurance solutions to banks and non-banking financial institutions, has raised $229 million in a new funding round and aims to deepen its expansion in North America and Europe.

The 15-year-old startup’s Series D funding was led by Indian private equity firm Kedaara Capital. The new financing included some secondary sales, but the startup did not disclose the amount. The Bengaluru-based company, which also counts Warburg Pincus and Bessemer Venture Partners among its backers, has raised $384 million in primary and secondary transactions so far, according to Tracxn.

Further involvement from private equity firms suggests that Perfios, which operates in 18 regions, is at least beginning to prepare for its IPO. (PEs usually get involved in start-ups, at least those in Asia, two to three years before their IPO.) To update: Perfios said it plans to go public in 18 to 24 months.

Perfios operates a range of services that enable companies to automate credit decisions, provide insights into a customer’s financial performance, and aggregate data for APIs. It offers both model and credit insights, leverages AI and ML techniques, and is tailored to various financial products.

The platform adapts independently, learns and can predict trends in new markets or areas. With its digital scoring, Perfios AI delivers overall ratings, detailed breakdowns and features to efficiently assess credit risk, Bernstein analysts said in a recent report.

The credit decision tools from Perfios (Image: AllianceBernstein)

“Since our founding in 2008, Perfios has consistently led the way as a category-building leader in the SaaS space. I am filled with immense gratitude and excitement to have led this journey with our 1,000+ trusted partners,” said Sabyasachi Goswami, CEO of Perfios, in a statement.

“This investment will help us strengthen our partners’ digital transformation journey to advance financial inclusion and provide access to financial services to billions of people around the world.”

Perfios said it is the market leader in India and has a strong presence in the Middle East and Southeast Asia. “Perfios has truly created the best-in-class fintech SaaS company to benefit from strong long-term growth and increasing digitalization in the financial services sector in India and globally,” said Nishant Sharma, founder and managing partner of Kedaara Capital, in a statement.

Perfios’ large funding comes at a time when most startups worldwide are struggling to raise new capital as investors become wary of the state of public markets.