Perfios turns unicorn with $80 Mn funding from Teachers’ Venture Growth

​​SaaS-based B2B fintech firm Perfios has raised $80 million in a new round  from Teachers’ Venture Growth (TVG), a late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan.

The new round has come after six months of $229 million Series D round for the Bengaluru-based company. With this, the firm has also crossed the $1 billion valuation mark and entered the unicorn club.

Perfios plans to continue its international expansion and strengthen its global footprint, while also utilising the funds towards exploring inorganic growth opportunities, the company said in a press release. It will also continue to invest in its tech stack to power the end-to-end customer journeys across banking, insurance, and embedded commerce.

Perfios 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. It has acquired more than 100 large clients across banks, NBFCs, digital lending platforms, mutual fund companies, insurance companies, and human resources.

With a presence in 16 countries, Perfios claims to empower over 1,000 financial institutions, deliver 8.2 billion data points to banks and financial institutions every year to facilitate faster decisioning, and process 1.7 billion transactions a year with an AUM of $36 billion.

Soon after the previous fundraise, Perfios announced a buyback of ESOPs worth Rs 154 crore (approximately $18.5 million) from its 135 current and former employees.

The firm also turned profitable in FY23 while its revenue from operations spiked three-fold to Rs 407 crore in the fiscal year ending March 2023 from Rs 136 crore in FY22. Ahead of FY23, Perfios acquired fintech startup Karza Technologies and the Rs 600 crore acquisition seems to have paid off as the latter alone booked Rs 168 crore in revenue and Rs 51 crore profit after tax in the last fiscal year.

Perfios becomes the second unicorn of 2024 from the Indian startup ecosystem. Last month, Bhavish Aggarwal’s artificial intelligence startup Krutrim SI Designs announced that it raised $50 million at a valuation of $1 billion.