Fintech company Perfios Software Solutions has raised about Rs 40 crore in its series-A round from Bessemer Venture Partners.
The Bengaluru-based firm, founded in 2009 by V R Govindarajan and Debasish Chakraborty, plans to use the funds for organic and inorganic expansion.
“We will use the funds for three core areas -team expansion from our current strength of 55 people, international expansion by strengthening our presence in the UAE and Southeast Asia where we already serve clients, and potential acquisitions,“ Govindarajan said.
Perfios’ core technology helps more than 100 banks, NBFCs and fintech companies in aggregation and analysis of financial data such as bank statements and business financials, to help generate a credit report for digital lenders and shorten their turnaround time to decide on an application.
Its clients include leading banks such as HDFC Bank, YES Bank and Axis Bank, NBFCs such as Capital First and Bajaj Finserv, and new-age fintech companies such as Capital Float and Lendingkart. Perfios also has its own personal finance management solution and provides financial data aggregation APIs, which help power personal finance or money manager applications of fintech companies.
The firm had until now raised about Rs 20 crore from several prominent investors such as Ashish Gupta of Helion Venture Partners, former iGate CEO V Chandrasekaran and PS Pai of Murugappa Group.
Govindarajan said that while Perfios was a technology data platform with the focus on financial data aggregation and analysis for credit assessment and personal finance, the company also sometimes works on other use-cases such as with recruitment consultants to verify pay slips and financial data of candidates, as well as matrimonial sites to verify income details and the likes.
Aakash Goel, Vice-President at Bessemer Venture Partners India, said this is the firm’s first investment in a pure fintech company in the country.
“We think of Perfios as an embedded intelligence product that has wide applications in the fintech space. We are excited since the company can combine disparate data sources which will help it create a long-enduring moat by becoming a value-added provider to the fintech ecosystem,” he said.
Before launching Perfios, Govindarajan and Chakraborty were among the founding members at Aztecsoft, which was acquired by IT company MindTree. Boutique investment bank Merisis was the financial advisor to Perfios on the latest fund raise.
Several startups in the personal finance management space (Fisdom, Walnut) and the credit scoring space (CreditVidya, CreditMantri) have received significant funding over recent years.
Source: ET Tech
