Fintech company Perfios Software Solutions on Tuesday said it has raised about $50 million (about Rs 359 crore) in funding led by an affiliate of private equity funds managed by Warburg Pincus LLC and Bessemer Venture Partners.
The investment amount was approximately $50 million, and includes primary capital infusion into the company and purchase of shares from early angel investors, a statement said. The funds from the series B round will be utilised for continued technology innovation, international expansion, and potential acquisitions, it added.
The Bengaluru-based company, which works with over 200 banks, NBFCs, and fintech companies globally, was founded by VR Govindarajan and Debashish Chakraborty - co-founders of Aztecsoft that was acquired by Mindtree.
The company's core technology platform helps in the aggregation and analysis of financial data such as bank statements, tax data, and business financials to help generate reports across credit assessment, monitoring, fraud, and banking data aggregation.
Leveraging various data science and analytics techniques, Perfios helps its clients reduce turnaround times and increase accuracy and efficacy of the credit decisioning process.
"We will utilise the funds raised in three core areas continued technology innovation and developing new offerings, international expansion by strengthening our presence in MENA and South East Asia, where we already serve a large number of clients, and in exploring potential acquisitions," Perfios co-founder and Director VR Govindarajan said.
He added that the company will also work closely with regulators in building a secure ecosystem through emerging initiatives such as NBFC account aggregator and the Personal Data Privacy Bill.
Credits: Business Standard - Article dated 19/11/2019