Teachers’ Venture Growth led $80 M raised by SaaS-based B2B fintech Perfios
Teachers’ Venture Growth (TVG), the late-stage venture and growth investment branch of Ontario Teachers’ Pension Plan, has contributed $80 million to the startup round of financing for SaaS-based B2B fintech company Perfios.
The $229 million Series D round for the Bengaluru-based company ended six months ago, and now a new round has been announced. Along with hitting the $1 billion valuation mark, the company has now joined the unicorn club.
According to a press release from the company, Perfios intends to use the money to investigate inorganic growth opportunities in addition to strengthening its global footprint and pursuing further international expansion. Additionally, it will keep making investments in its tech stack to support the entire customer journey in embedded commerce, banking, and insurance.
In order to provide reports on credit assessment, fraud, monitoring, and banking data aggregation, Perfios assists in the collection and analysis of financial data, including tax information, bank statements, and business financials. More than 100 sizable clients have been added to its clientele, which includes banks, NBFCs, digital lending platforms, mutual fund companies, insurance providers, and human resources firms.
Located in 16 countries, Perfios says it powers more than 1,000 financial institutions, processes 1.7 billion transactions annually with an AUM of $36 billion, and provides 8.2 billion data points to banks and other financial institutions annually to speed up decision-making.
A buyback of ESOPs worth Rs 154 crore (roughly $18.5 million) from its 135 current and former employees has been announced by B2B SaaS fintech company Perfios. With this, Perfios becomes one of the few growth-stage businesses that have repurchased stock from their employees this year.
Shortly following the previous fundraising campaign, Perfios declared that it would buy back 135 of its current and former employees’ ESOPs for a total of Rs 154 crore, or roughly $18.5 million.
While its revenue from operations tripled to Rs 407 crore in the fiscal year ending March 2023 from Rs 136 crore in FY22, the company also turned a profit in FY23.
The fintech startup Karza Technologies was acquired by Perfios prior to FY23, and the Rs 600 crore deal appears to have paid off as Karza alone generated Rs 168 crore in revenue and Rs 51 crore in profit after taxes in the most recent fiscal year.
From the Indian startup ecosystem, Perfios emerges as the second unicorn of 2024. Bhavish Aggarwal’s artificial intelligence startup Krutrim SI Designs revealed last month that it had raised $50 million at a $1 billion valuation.
