Perfios, an India-based business to business (B28) software as a service (SaaS) fintech company, announced Wednesday that Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan Board (Ontario Teachers), will invest $80 million into the company.

With established market leadership in India and a growing presence in South-East Asia, the Middle East, and Africa, Perfios said in a statement that it plans to continue its international expansion and strengthen its global footprint, while also utilizing 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.

According to Perfios, the investment from TVG reflects its strong growth prospects globally and the leading role it plays in the broader growth and digitization of financial services in India.

Perfios said it 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.

Commenting on the development, Sabyasachi Goswami, Chief Executive Officer of Perfios, said their 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 bilions across the globe,” he said.

Ramgopal Subramani, Executive Director, Chief Strategy Officer at Perfios, also said the investment from TVG reaffirms Perfios’ strong leadership in the markets of choice and their unbridled aspiration to continuously grow through strategic investments into newer domains and geographies to serve their clients better.

“TVG’s second direct investment in India and first in the enterprise B2B SaaS space inspires us to excel even further,” he added.

As part of the investment, Darius Vakil, Director, TVG, India is slated to join the board of Perfios as the nominee of Ontario Teachers.

With Bessemer Venture Partners joining in 2017 during the Series A round, Warburg Pincus in 2019, and Kedaara Capita’s investment last year, Perfios said it has garnered significant backing from these reputed investors over the years.

It said this unwavering backing and support has been instrumental in its continued growth and success.

“We are excited to partner the teams at Perfios. Our investment in Perfios is in line with our strategy of backing seasoned and visionary management teams in businesses with strong growth potential and a clear competitive edge,

“We are believers in the growth of financial services and digitization in India and Perfios – at the intersection of both themes – is positioned to play a pivotal role in the digital transformation of financial services companies in India and beyond,” said Deepak Dara, Senior Managing Director and Head of India at Ontario Teachers.

Kelvin Yu, Senior Managing Director and Head of Teachers Venture Growth in Asia, said they are excited about the growing opportunities within the B2B enterprise tech space in India, and believe Perfios is a best-in-class fintech-focused SaaS player.

“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,” he added.

Founded in 2008, Perfios is a glotbal B2B SaaS company serving the banking, financial services and insurance industry in 18 countries, empowering 1000+ financial institutions.

The firm delivers 8.2 billion data points to banks and financial institutions every year to facilitate faster decisioning, and processes 1.7 billion transactions a year with an asset under management of $38 billion.

The firm is headquartered in Bangalore, with offices worldwide and with 75+ products and platforms, and over 500+ APIs.

TVG focuses on late-stage venture and growth equity investments in technology firms.

The firm is part of the Ontario Teachers, a global investor with net assets of $247.5 billion as at December 31, 2023.

The firm invests in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth.

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