Fintech SaaS Perfios turns unicorn, raises $80 million funding led by Teachers’ Venture Growth

Perfios, a Business-to-Business (B2B) software provider for financial institutions has entered the unicorn club with valuation crossing $1 billion after the firm announced raising $80 million led by Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan.

The firm plans to utilize the funding towards international expansion and strengthen its global footprint as well as towards exploring inorganic growth opportunities, the firm said in a media statement on March 13th.

"The company will also continue to invest in their comprehensive tech stack to power the end-to-end customer journeys across banking, insurance, and embedded commerce," the statement said.

“Our business has been seeing steady growth year-on-year, with consistent improvement in the bottom line. I want to extend my heartfelt gratitude to all our partners who have trusted us throughout our journey," said Sabyasachi Goswami, CEO, Perfios.

Founded in 2008 by V.R. Govindarajan Perfios is a B2B SaaS company serving the Banking, Financial Services and Insurance industry in 18 countries. Perfios acquired Karza Technologies in March of 2022 and since then the combined entity is now the leading firm.

Perfios claims to deliver 8.2 billion data points to banks and financial institutions every year to facilitate faster decision-making, and process 1.7 billion transactions a year with an AUM of $36 billion.

In September of 2023, the firm raised $229 million in its Series D funding round from private equity firm Kedaara Capital through a combination of a primary fund raise and a secondary sale.