SaaS fintech firm Perfios raises $229 mn from Kedaara Capital
- The capital raise programme will be through combination of a primary fund raise and a secondary sale.
- Startup to use funds to expand its global footprint beyond 18 countries to US and Europe.
- Existing investors – Warburg Pincus and Bessemer Venture Partners continue to show support.
The funding winter may be hurting the startup ecosystem as a whole, but capital is still available to companies that have a solid business model.
Commenting on the development, Sabyasachi Goswami, CEO, Perfios, said, “Since our inception in 2008, Perfios has consistently led the way as a category-creating leader in the SaaS space. This 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.”
Perfios was founded in 2008 as a global B2B SaaS company serving the banking, financial services and insurance industry in 18 countries. Through its software platforms and products, Perfios helps financial institutions to take big leaps by shaping their origination, onboarding, decisioning, underwriting and monitoring processes at scale and speed.
With a current footprint in 18 geographies, Perfios plans to expand business in other global markets and build sophisticated and new-age technologies that will enhance the customer
experience and reduce complexities. Perfios is currently present in the Middle East and Southeast Asia apart from India. It plans to use the funds to further expand its global footprint in North America and Europe. The company also plans to invest in new-age technologies to enhance its comprehensive stack of decision analytics SaaS products to solve the entire end-to-end customer journey across banking, insurance, and embedded commerce.
On signing the definitive agreement with Perfios, Nishant Sharma, Founder and Managing Partner, Kedaara Capital, said: “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.”
With Bessemer Venture Partners joining in 2017 during the Series A round and Warburg Pincus in 2019’s Series B, Perfios has garnered significant backing from investors over the years. On the new round of investment, Vishal Mahadevia, Managing Director and India Head, Warburg Pincus, said: ”Having been a part of Perfios’s journey from its early stages and their commitment to revolutionizing the financial services sector has been unwavering, and this new round of funding further solidifies our belief in their vision.”
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