B2B software-as-a-service company Perfios on Wednesday announced an $80 million incoming investment from new investor Teachers’ Venture Growth (TVG) — the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan. The company said it will deploy the capital to fund inorganic growth opportunities and continue to invest in its tech stack to power the end-to-end customer journeys across banking, insurance, and embedded commerce.
In September last year, the Bengaluru-headquartered company had announced that 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.
According to Sabyasachi Goswami, CEO, Perfios, the business has been seeing steady growth year-on-year, with consistent improvement in the bottom line.
Goswami said the new round will further help the company in strengthening the digital transformation journey of our partners, thereby powering financial inclusion and providing access to financial services to billions across the globe.
Present in India, the Middle East and Southeast Asia, Perfios extracts, aggregates and analyses financia data to help over 1,000 financial institutions in 18 countries in lending, decisioning and underwriting processes.
The company said 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 (asset under management) of $36 billion.
“Perfios continues to invest behind its market-leading tech stack, adding new use cases that enable the company to be the trusted partner of choice to leading financial institutions globally. We are excited to be a value-added partner to Perfios’ global ambitions,” said Kelvin Yu, Senior Managing Director and Head of Teachers’ Venture Growth in Asia.
The investment in Perfios marks the first deal in the Indian enterprise B2B SaaS space for TVG.
As part of the investment, Darius Vakil, Director, TVG, India is slated to join the board of Perfios as the nominee of Ontario Teachers’ Pension Plan.
Ontario Teachers’ is a global investor with net assets of $247.5 billion as of December 31, 2023. It has investments in more than 50 countries across assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth.
Perfios’ other investors include Bessemer Venture Partners, Warburg Pincus, and Kedaara Capital.