Fintech-focussed software-as-a-service (SaaS) company Perfios Software Solutions Wednesday said it is raising $80 million (Rs 663 crore) from Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan.
As part of the investment, TVG’s India director Darius Vakil will join the board of Perfios as the nominee for the Ontario Teachers’ Pension Plan.
Perfios plans to use the funds to continue its international expansion and to explore inorganic growth opportunities. At present, the company has a presence in Southeast Asia, the Middle East and Africa.
“This investment will further 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.
It will also continue to invest in its comprehensive tech stack to power the end-to-end customer journeys across banking, insurance, and embedded commerce, the company said in a release.
“Our investment in Perfios is in line with our strategy of backing seasoned and visionary management teams in businesses with strong growth potential and a clear competitive edge,” said Deepak Dara, senior managing director and head of India at Ontario Teachers’.
“We are believers in the growth of financial services and digitization in India and Perfios – at the intersection of both themes – is positioned to play a pivotal role in the digital transformation of financial services companies in India and beyond,” Dara added.
Last year, Bengaluru-headquartered Perfios raised $229 million from homegrown private equity firm Kedaara Capital in a deal involving a primary issue as well as a secondary stake sale. It had raised nearly $70 million from existing investors Warburg Pincus and Bessemer Venture Partners in 2022 and $50 million from Bessemer Venture Partners and Warburg Pincus in 2019.
Founded in 2008, Perfios caters to over 1,000 financial institutions in 18 countries.
“Our business has been seeing steady growth year-on-year, with consistent improvement in the bottom line,” said Goswami.
