Fintech startup Perfios announced that it secured $80 million from Teachers’ Venture Growth (TVG), the late-stage investment arm of Ontario Teachers’ Pension Plan.
Perfios plans to use the funds for inorganic growth and expanding internationally. Additionally, the startup aims to enhance its global presence. It plans to invest in advanced technology for seamless customer experiences in banking, insurance, and embedded commerce.
“Our business has been seeing steady growth year-on-year, with consistent improvement in the bottom line. 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 Perfios CEO Sabyasachi Goswami.
In January, Bloomberg disclosed that the Warburg Pincus-backed startup is contemplating an initial public offering (IPO) in India. This IPO has the potential to raise approximately $500 million, valuing the company at around $2 billion.
Perfios aims to penetrate the US and European markets in 2024.
“There are our onboarding and decisioning (decision-making) capabilities being used in HR and ecommerce industries…These (adjacent industries) can be very significant (opportunity), provided we focus on them,” Goswami had said.
Additionally, Perfios received $229 million from private equity investor Kedaara Capital through a combination of primary and secondary share sales.
The startup was established in 2008. Bessemer Venture Partners became part of the company’s investors in 2017 during its Series A round, and Warburg Pincus joined during Series B in 2019.
