Homegrown private equity firm Kedaara Capital will be investing $229 million (around Rs 1,900 crore) in fintech-focussed software-as-a-service (SaaS) company Perfios Software Solutions.
The transaction is a mix of a primary issue and a secondary stake sale.
Bengaluru-headquartered Perfios, which claims to have a strong footprint in the Middle East and Southeast Asia, plans to use the funds to fuel its continued global expansion plans in North America and Europe, the company said in a statement.
“This investment will help us in strengthening the digital transformation journey of our partners, thereby powering financial inclusion and providing access to financial services to billions across the globe,” said Sabyasachi Goswami, chief executive officer of Perfios.
The company also plans to invest in new-age technologies to enhance its comprehensive stack of decision analytics SaaS products to solve the entire end-to-end customer journey across banking, insurance, and embedded commerce.
“We look forward to using our operational expertise and deep connectivity in the financial services and technology spaces to help support the company in this next phase of its growth journey,” said Kartikeya Kaji, managing director at Kedaara Capital.
Prior to this, Perfios raised nearly $70 million from existing investors Warburg Pincus and Bessemer Venture Partners in February last year at a valuation of around $400 million. The company didn’t disclose its valuation in the latest round. It had also raised $50 million from Bessemer Venture Partners and Warburg Pincus in November 2019.
Founded in 2008, Perfios is a SaaS company catering to the banking, financial services and insurance industry in 18 countries. The firm claims that it empowers more than 1,000 financial institutions.
Its software products help clients with real-time decision-making, analysis and credit underwriting. It claims that it provides 8.2 billion data points to banks and financial institutions every year. It currently has a suite of more than 75 products and platforms, and over 500 application programming interfaces.