Fintech unicorn Perfios acquires debt management firm CreditNirvana

SaaS-based B2B fintech firm Perfios has acquired debt management and collections platform CreditNirvana.

Last month, Perfios had acquired banking financial crime management platform Clari5 to enhance its risk intelligence and fraud mitigation capabilities.

Founded in 2019 by Raj Mohan Kunju and Raj Parthasarathy, CreditNirvana specialises in artificial intelligence (AI)-powered debt management solutions that help banks, non-banking financial companies and fintech firms streamline loan collections, reduce delinquencies and improve portfolio performance.

CreditNirvana has raised $2.2 million from Cornerstone Venture Partners Fund and others till to date. The Bengaluru based startup claims that it manages a collection portfolio exceeding $9 billion and handles more than 42 million loan accounts.  For 2023-24, it reported a net loss of Rs 4.5 crore on revenue of Rs 11.8 crore.

Following the acquisition, CreditNirvana will operate as a wholly owned subsidiary of Perfios, with its team of nearly 100 employees continuing to work independently.

Co-funded in 2008, Perfios provides software that helps lenders underwrite customers and businesses by digitally analysing bank statements, payslips and passbooks. The company, last valued at $2.5 billion, has raised $450 million from investors including Warburg Pincus, Kedaara Capital and Bessemer Venture Partners.

Perfios states that it serves more than 1,000 financial institutions across 18 countries and processes more than 8.2 billion data points annually to support credit decision-making and financial services.