Perfios, a B2B SaaS fintech company, announced on Thursday that Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan, will invest $80 million in the company.
With established market leadership in India and a growing presence in Southeast Asia, the Middle East, and Africa, Perfios plans to continue its international expansion and strengthen its global footprint while also utilising the funds towards exploring inorganic growth opportunities. 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.
Kelvin Yu, Senior Managing Director and Head of Teachers’ Venture Growth in Asia, said, “Perfios continues to invest behind its market-leading tech stack, adding new use cases that enable the company to be the trusted partner of choice to leading financial institutions globally. We are excited to be a value-added partner to Perfios’ global ambitions.”
The investment from TVG reflects Perfios’ strong growth prospects globally and the leading role it plays in the broader growth and digitisation of financial services in India. Perfios aligns well with TVG’s strategy of investing behind strong and experienced management teams that leverage technology to build a compelling value proposition and leading position, both in terms of customer penetration and product offering.
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Sabyasachi Goswami, CEO of Perfios, 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. This investment will further help us strengthen our partners’ digital transformation journey, thereby powering financial inclusion and providing access to financial services to billions across the globe. I am glad to have Teachers’ Venture Growth as a new investor in our Perfios family.”
Besides, Darius Vakil, Director, TVG, India is slated to join the board of Perfios as the nominee of Ontario Teachers’ Pension Plan. With Bessemer Venture Partners joining in 2017 during the Series A round, Warburg Pincus in 2019, and Kedaara Capital’s investment last year, Perfios has garnered significant backing from these reputed investors over the years. This unwavering backing and support has been instrumental in Perfios’ continued growth and success.
