Indian FinTech Perfios Raises $229 Million to Expand Into North America and Europe

Perfios, an Indian B2B Software-as-a-Service (SaaS) FinTech, has raised $229 million in a Series D funding round.

The round was led by Kedaara Capital and marks one of the largest investments in an Indian B2B SaaS firm this year, the company said in a Monday (Sept. 11) press release.

Perfios plans to use the capital to fuel its North American and European expansion and invest in enhancements to its stack of decision analytics SaaS products for banking, insurance and embedded commerce sectors, the release said.

“This investment will 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,” Perfios CEO Sabyasachi Goswami said in the release.

Bengaluru-based Perfios raised more than $70 million in a Series C round last year that put the company’s valuation at $4.05 billion.

The company’s latest funding round is happening amid a tough financing environment for FinTechs.

“Interest rate increases and a slow economy are also making private funding more expensive and less available for FinTechs,” according to PYMNTS’ FinTech Tracker® Series Report. “This development has the potential to set the stage for takeovers by banks, especially of smaller FinTechs hoping to consolidate with larger entities to scale and become profitable.”

However these larger companies will likely want to minimize the costs of acquisition. And with FinTechs still hesitant to lower their valuations, some may find themselves out in the cold after they finally realize what they stand to gain from a purchase by a bank or other firm.

Elsewhere in the Indian B2B SaaS space, Clear last month debuted a digital Invoice to Finance (I2F) platform.

The platform builds on the foundation of the Goods and Services Tax (GST) network, enabling small businesses to access financing against their invoices in less than 30 minutes.

“We recognized a significant gap in the market when it came to supply chain financing for small businesses,” said Clear founder and CEO Archit Gupta at the time. “Our automated invoice financing product is designed to bridge this gap by leveraging the power of GST data.”

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