Fintech firm Perfios raises $229 mn from Kedaara in Series D funding

Perfios, a financial technology (fintech) company, said on Monday it has raised $229 million in a Series D funding from private equity investor Kedaara Capital for expanding business.

Kedaara will invest the capital through a combination of primary fund raise and secondary sale. The investor plans to expand in North America and Europe and invest in new technologies to improve its portfolio of software as a service (SaaS) products for banking, insurance, and commerce.

Perfios, which is based in Bengaluru and specialises in providing SaaS services for other businesses, earlier raised $70 million from Warburg Pincus, Bessemer Venture Partners and other investors in a Series C funding round last year.

In 2019, it raised $50 million in a Series B round led by an affiliate of private equity funds managed by Warburg Pincus LLC and Bessemer Venture Partners.

“This (Series D) 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. We are very happy to have Kedaara Capital as a new investor, and thankful to Bessemer Venture Partners and Warburg Pincus for their continued support and confidence in us,” said Sabyasachi Goswami, chief executive officer of Perfios.

Perfios serves the banking, financial services and insurance (BFSI) industry in 18 countries and delivers 8.2 billion data points to banks and financial institutions every year for decision making. It processes 1.7 billion transactions a year with an asset under management (AUM) of $36 billion, according to a statement.

“Led by one of the strongest teams in the space, 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. Their pioneering approach has led to a strong positive flywheel effect that will help the company maintain its market leading position, and we are excited to partner with them,” said Nishant Sharma, founder and managing partner at Kedaara Capital.