Fintech

Perfios Secures $229 Million in Series D Funding Round Led by Kedaara Capital

• ByStartupStory     |    September 11, 2023

Financial technology (fintech) firm Perfios has announced the successful closure of its Series D funding round, raising a substantial $229 million. The investment was led by private equity investor Kedaara Capital, known for its expertise in the financial sector.

This latest funding will be used to drive Perfios’ expansion strategy, focusing on enhancing its portfolio of software as a service (SaaS) products for the banking, insurance, and commerce sectors. In addition to strengthening its presence in India, Perfios aims to expand into North America and Europe, further extending its global reach.

Perfios, headquartered in Bengaluru, specializes in providing SaaS solutions for various businesses. The company’s cutting-edge technology serves the banking, financial services, and insurance (BFSI) industry across 18 countries, delivering a staggering 8.2 billion data points to financial institutions annually, facilitating informed decision-making. The platform processes 1.7 billion transactions each year, managing assets worth $36 billion.

Sabyasachi Goswami, CEO of Perfios, expressed gratitude for the continued support from investors, saying, “This investment will help us in strengthening the digital transformation journey of our partners, thereby powering financial inclusion and providing access to financial services to billions across the globe. We are very happy to have Kedaara Capital as a new investor, and thankful to Bessemer Venture Partners and Warburg Pincus for their continued support and confidence in us.”

Nishant Sharma, Founder and Managing Partner at Kedaara Capital, praised Perfios as a market leader, stating, “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. Their pioneering approach has led to a strong positive flywheel effect that will help the company maintain its market-leading position, and we are excited to partner with them.”

This funding round follows Perfios’ previous successful capital raises, including a Series C round that garnered $70 million last year. The fintech firm also secured $50 million in a Series B round in 2019, highlighting its consistent growth and appeal to investors.

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