B2B fintech funding: B2B software-as-a-service focused fintech company Perfios, on Monday, said private equity investor Kedaara Capital will invest $229 million in its Series D funding round in a mix of primary fundraising and a secondary sale. Present in India, the Middle East and Southeast Asia, the company plans to deploy the capital to expand to North America and Europe. In addition, it will invest in technology to improve its stack of decision analytics SaaS products.
Perfios extracts, aggregates and analyses data to help over 1,000 financial institutions in 18 countries in lending, decisioning and underwriting processes. It delivers 8.2 billion data points to banks and financial institutions every year to facilitate faster decisioning and processes 1.7 billion transactions a year with an AUM of $36 billion.
“This investment will help us strengthen the digital transformation journey of our partners, thereby powering financial inclusion and providing access to financial services to billions across the globe,” Sabyasachi Goswami, CEO, of Perfios.
Bessemer Venture Partners-backed the company back in 2017 during its Series A round and Warburg Pincus in 2019’s Series B round.
Nishant Sharma, Founder and Managing Partner, Kedaara Capital, said, “Led by one of the strongest teams in the space, 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.”
According to the data gathering and visualization platform Statista, the overall fintech market in India is estimated to be valued at $2 trillion by 2030. The compounded annual growth rate of fintech SaaS is expected to be 27 per cent, making it the second-best performing fintech sector, only after investment tech.
Meanwhile, the Indian SaaS market expanded to $7 billion last year from $2.6 billion in 2020 and is likely to grow to $50 billion to $70 billion in revenue and $500 billion opportunity value by 2030, according to a report by SaaSBoomi and McKinsey in July this year.