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Perfios, an Indian fintech that provides real-time credit underwriting solutions to banks and non-bank financial institutions, has raised $229 million in a new funding round as it looks 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 funding included some secondary sales, but the startup did not specify the amount. The Bengaluru-headquartered company, which also counts Warburg Pincus and Bessemer Venture Partners among its backers, has raised $384 million in primary and secondary deals to date, according to Tracxn.
The further participation of private equity firms suggests that Perfios, which operates in 18 regions, is at least beginning to prepare for its IPO. (PEs tend to get involved with startups, at least those in the Asian region, two to three years before their IPO.) Update: Perfios said it plans to go public within 18 to 24 months.
Perfios operates a number of services that allow companies to automate lending decisions, provide insight into a customer’s financial worth, and collect data for APIs. It provides both model and loan insights, uses AI and ML techniques, and is tailor-made for various financial products.
The platform adapts and learns on its own, and can predict trends in new markets or areas. With its digital scores, Perfios AI provides overall scores, detailed breakdowns and features to efficiently evaluate credit risk, Bernstein analysts said in a recent report.
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Perfios’ credit decision tools (Image: AllianceBernstein)
“Since our founding in 2008, Perfios has consistently led the way in creating new categories in the SaaS space. I am filled with immense gratitude and excitement to have led this journey together with our more than a thousand trusted partners,” said Sabyasachi Goswami, CEO of Perfios, in a statement.
“This investment will help us strengthen our partners’ digital transformation journey, driving financial inclusion and providing access to financial services to billions around the world.”
Perfios claimed that it is the market leader in India and has a strong footprint in the Middle East and Southeast Asia. “Perfios has truly created a best-in-class fintech SaaS company that addresses the strong secular growth and increasing levels of digitalization in the financial services industry in India and globally,” Nishant Sharma, founder and managing partner of Kedaara Capital, said in a statement .
Perfios’ major funding comes at a time when most startups globally are struggling to raise new capital as investors grow wary of the state of public markets.