[Funding alert] Perfios raises $50M in Series B funds led by Warburg Pincus, Bessemer Venture Partners

Fintech startup Perfios said the funds would be utilised for continued technology innovation, international expansion, and potential acquisitions.

19th Nov 2019
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Fintech startup Perfios Software Solutions on Tuesday said it has raised about $50 million (about Rs 359 crore) in funding, led by an affiliate of private equity funds managed by Warburg Pincus LLC and Bessemer Venture Partners.


The investment amount includes primary capital infusion into the company and purchase of shares from early angel investors, a statement said.


The funds from the series B round will be utilised for continued technology innovation, international expansion, and potential acquisitions, it added.


funding



The Bengaluru-based company, which works with over 200 banks, NBFCs, and fintech companies globally, was founded by VR Govindarajan and Debashish Chakraborty, Co-founders of Aztecsoft, which was acquired by Mindtree.


The company's core technology platform helps in the aggregation and analysis of financial data such as bank statements, tax data, and business financials to generate reports across the areas of credit assessment, monitoring, fraud, and banking data aggregation.


Leveraging various data science and analytics techniques, Perfios helps its clients reduce turnaround times and increase the accuracy and efficacy of the credit-decisioning process.


Govindarajan, Co-founder and Director, Perfios, said,


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 and South East Asia where we already serve a large number of clients, and exploring potential acquisitions.” 


He added that the company would also work closely with regulators in building a secure ecosystem through emerging initiatives such as the NBFC account aggregator and the Personal Data Privacy Bill.


(Disclaimer: Additional background information has been added to this PTI copy for context)


(Edited by Athirupa Geetha Manichandar)


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