Perfios, a B2B software supplier for financial institutions, has secured $80 million in a round-headed by Teachers’ Venture Growth (TVG), the Ontario Teachers’ Pension Plan’s late-stage venture and growth fund. The cash will be used to extend the company’s international footprint as well as to pursue inorganic development options.
The company intends to use the funds to expand internationally and strengthen its global footprint, as well as to explore inorganic growth options, according to a media statement issued on March 13th.
On Wednesday, fintech company Perfios announced that it had raised $80 million from Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of the Ontario Teachers’ Pension Plan.
The B2B SaaS (Software as a Service) company, which claims a large market share in India, also operates in Southeast Asia, the Middle East, and Africa. The cash will be used to extend the company’s international footprint as well as to pursue inorganic development options.
Sabyasachi Goswami, the CEO of Perfios, spoke about this investment, saying, “Not only will it empower the digital transformation journey of our partners, but it will also drive financial inclusion and provide access to financial services.” The company has also reported a steady and consistent improvement in the bottom line year over year.
Apart from that, the brand will make sure that the entire tech stack is fully operational so that customer journeys can be customised through banking, insurance, and embedded commerce.
This is the second investment in direct TVG in India and the first in the corporate B2B SaaS segment.
“The fact that we decided to invest in Perfios aligns with our strategy, whereby we partner with capable and visionary management teams in companies with probable strong growth potential as well as a clear competitive advantage is highlighted by Deepak Dara, senior managing director and head India of Ontario Teachers,”
While the Indian enterprise tech space was expanding, Perfios aimed at delivering more use cases to stakeholders that promoted its growth and positioned it as a leader in financial services digitization in and beyond India, as Kelvin Yu, Teachers’ Venture Growth’s senior managing director and head of Asia, says.
According to the statement, TVG India’s director is Darius Vakil, who will act as the nominee for the Ontario Teachers’ Pension Plan, which is the result of this transaction. Bessemer Venture Partners, Warburg Pincus, and Kedaara Capital are among the company’s other major investors.
Perfios was founded in 2008 and provides financial and data analysis software and tools, as well as lending solutions for small and medium-sized businesses.
