Perfios, a B2B fintech software provider, revealed its employee stock ownership plan (ESOP) buyback, valued at Rs 154 crore (approximately $18.5 million).
This buyback involves 135 employees, and 62 of them are set to become millionaires, according to a company statement.
This announcement follows the company’s recent fundraising of $229 million from Kedaara Capital a month ago, involving both primary and secondary funding.
The buyback primarily benefits 80 female employees, and there are 98 employees below the age of 30, while 152 are between 30 and 40 years old.
“It’s truly gratifying to see the Perfios Millionaire Club grow and thrive along with the company’s growth. The buyback reaffirms our dedication to placing our employees first and fostering a work environment where everyone can excel,” CEO Sabyasachi Goswami said.
Additionally, some of Perfios’ long-serving employees, including those from various departments such as administration and data processing, have seen their earnings increase by a significant 30-fold.
Perfios has set its sights on doubling its revenue growth by the end of the fiscal year, concluding in March 2023. Simultaneously, the company aims to strengthen its presence in the Middle East and North Africa (MENA), Southeast Asia and embark on an expansion into North America and Europe.
In addition to its expansion efforts, Perfios plans to make strategic investments in technology to enhance its array of decision analytics software products. This will enable the company to address the unique customer journeys within the realms of banking, insurance, and embedded commerce for its clients.
Established in 2008, Perfios provides a software technology platform to more than 1,000 financial institutions across 18 countries. Its platform assists these institutions in extracting, aggregating, and analyzing financial data, ultimately improving their credit assessment capabilities.
Moreover, Perfios aids these institutions in generating reports and monitoring fraudulent activities through the analysis of financial data, including bank statements, taxes, and business financials.
With a portfolio boasting over 75 platforms and products, Perfios plays a vital role in streamlining processes such as onboarding, underwriting, and monitoring for its clients. The company handles a staggering 1.7 billion transactions each year.