Bangalore-based fin-tech firm Perfios Software Solutions Pvt. Ltd has raised $6.1 million (Rs 40 crore) in its Series A round from Bessemer Venture Partners, marking its first institutional funding, a top company executive told VCCircle.
The company will use the funds for global expansion, team ramp-up and potential acquisitions, VR Govindarajan, co-founder and director, Perfios, said.
“We are looking to beef up our sales and marketing efforts as part of our international push. Besides India, Perfios works with clients in the UAE and Southeast Asia. We are looking to strengthen our presence in these markets. Second, we aim to strengthen our engineering team with some senior recruits, and opportunistically look at some acquisitions in the technology space,” he added.
Perfios, which currently employs 55 people, had so far raised nearly Rs 20 crore in two rounds from angel investors including Helion Venture Partners’ Ashish Gupta, former iGate CEO V Chandrasekaran, and Murugappa Group’s PS Pai.
Founded by Govindarajan and Debasish Chakraborty in 2008, Perfios is a technology platform catering to structured and unstructured data. After extracting data, it analyses them and builds vertical applications that can be directly used by banks, non-banking financial companies, money managers and others. In short, Perfios helps financial institutions in real-time decision-making, analysis and credit underwriting.
The company’s personal finance management solution powers money manager applications of several fin-tech companies. It currently works with 120 clients, including HDFC Bank, Axis Bank, Yes Bank, Bajaj Finserv and Lendingkart, among others.
Perfios works on the recurring-revenue model, where it charges a one-time cost to customers and also gets a transaction fee on an ongoing basis, Govindarajan informed.
Merisis Advisors acted as adviser to the company for the fund-raise.
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