Perfios, an Indian fintech that provides real-time credit underwriting solutions to banks and non-banking financial institutions, has raised $229 million in a new funding round as it looks deepen its expansion in North America and Europe.
The 15-year-old startup’s Series D funding was led by private equity firm Kedaara Capital. The new funding included some secondary sale, but the startup didn’t specify the amount. The Bengaluru-headquartered firm, which also counts Warburg Pincus and Bessemer Venture Partners among its backers, has raised $384 million in primary and secondary transactions to date, according to Tracxn.
The further participation from private equity firms suggests that Perfios is at least beginning to prepare for its initial public offering.
Perfios operates a number of services that allow businesses to automate loan decisions, offer insights into a customer’s financial worthiness, and aggregate data for APIs. It operates in 18 geographies, the startup said.
“Since our inception in 2008, Perfios has consistently led the way as a category-creating leader in the SaaS space. I am filled with immense gratitude and excitement to have led this journey with our 1000+ trusted partners,” said Sabyasachi Goswami, chief executive of Perfios, in a statement.
“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.”
Perfios claimed that it’s the market leader in India and has a strong footprint in the Middle East and Southeast Asia. “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,” said Nishant Sharma, founder and managing partner a Kedaara Capital, in a statement.
More to follow.