For any non-product related queries, please write to info@perfios.com.
For any non-product related queries, please write to info@perfios.com.
Perfios, a fintech startup which collects financial data to help make credit decisions, on Tuesday said it has raised a $50 million Series B round led by American private equity firm Warburg Pincus and existing investor - venture capital firm Bessemer Venture Partners. The deal also includes a secondary share purchase from early angel investors in the company.
Perfios’ technology platform aggregates and analyses financial data such as bank statements, tax data, and business financials to help generate a wide range of reports across credit assessment, monitoring, fraud, and banking data aggregation. It helps clients reduce turnaround times and increase accuracy and efficacy of the credit decisioning process.
Its clients include Tata Capital, Lendingkart, IIFL, Aditya Birla Capital and DSP BlackRock Mutual Fund, among others.
It last raised a $6.4 million Series A round led by Bessemer in April 2017.
V.R. Govindarajan, co-founder and director, Perfios said, “The global financial services industry is undergoing a substantial transformation driven by technology and data. We will utilise the funds raised in three core areas – continued technology innovation and developing new offerings, international expansion by strengthening our presence in MENA (Middle East and North Africa) and South East Asia, where we already serve a large number of clients, and in exploring potential acquisitions,"
“We will also work closely with regulators in building a secure ecosystem through emerging initiatives such as NBFC Account Aggregator and the Personal Data Privacy Bill," he added.
Perfios was founded in 2009 by Govidarajan and Debashish Chakraborty, who earlier co-founded listed IT firm Aztecsoft, which was acquired by Mindtree for ₹400 crore.
Although it is a large private equity investor, Warburg has taken selective startup and technology-enabled bets in India over the years. Its other technology investments include trucking logistics firm Rivigo, online car-selling startup CarDekho, e-commerce logistics firm Ecom Express and classifieds portal Quikr.
“The exponential growth of data, and rapidly increasing adoption of technology and data science in credit decisioning presents a significant opportunity for the industry. We look forward to partnering with the leadership team at Perfios, as they continue to invest in product innovation with a strong focus on customer experience and security," said Siddharth Narayan, principal, Warburg Pincus India Pvt. Ltd.
