Perfios Software Solutions Pvt. Ltd, a Bengaluru-based product technology company operating in the financial technology segment, has acquired the intellectual property and other assets of FintechLabs Technologies Pvt. Ltd, a Noida-based company which provides digital lending software as a service to companies.
In a statement, Perfios chief executive VR Govindarajan said the company keeps exploring opportunities to help generate new revenue sources and improve technological capabilities. He added that Perfios’ management was impressed with FintechLabs’ team and its product.
Perfios did not disclose the financial details of the acquisition.
Merisis Advisors, a boutique investment bank specialising in the mid-market segment, acted as the exclusive adviser to Perfios on the transaction.
FintechLabs co-founder Vipul Rawal said the acquisition would help the startup boost its services and grow its market reach. “We believe that our solutions are complementary in nature with Perfios,” he said.
Founded by Rawal and Vishal Sahu in 2015, FintechLabs offers a platform that supports different lending models and loan-based products. Its platform provides solutions relating to different parts of the customer process, including loan origination, credit workflow, lender-borrower matching, loan servicing and collections.
Perfios was founded by Govindarajan and Debasish Chakraborty in 2008. Its platform helps financial institutions in real-time decision-making, analysis and credit underwriting. It uses and analyses data to build vertical applications that can be directly used by banks, non-banking financial companies, money managers and others.
In April 2017, Perfios raised $6.1 million (around Rs 40 crore) in its Series A round from US-based Bessemer Venture Partners, marking its first institutional funding. The company at the time said it would use the funds for its global expansion, ramping up its team and potential acquisitions. Bessemer holds a 17.06% stake in Bengaluru-based Perfios, according to VCCEdge, the data research arm of Mosaic Digital.