Teachers’ Venture Growth, the late-stage venture and growth investment arm of the Ontario Teachers’ Pension Plan, is investing $80 million in Perfios, an Indian fintech offering Real-time credit underwriting solutions for banks. and other financial institutions. The new investment values Perfios at a valuation of more than $1 billion.
15-year-old Perfios, which raised a $229 million funding round in September, said it will use the fresh capital for international expansion and to explore inorganic growth (read acquisitions) opportunities. The startup, which has raised $464 million in primary and secondary transactions to date, plans to go public next year, it previously said.
Bengaluru-based Perfios provides real-time data aggregation and analysis tools to financial institutions, enabling them to optimize their lending processes and make more informed decisions. Perfios helps banks and non-banking financial companies assess the creditworthiness of potential borrowers, reducing the risk of default and improving overall portfolio quality.
Perfios said it delivers 8.2 billion data points to banks and other financial institutions each year to facilitate faster decision-making, and processes 1.7 billion transactions annually with an AUM of $36 billion. Perfios is the Second unicorn from India this year..
Perfios credit decision tools. Image credits: AllianceBernstein
“We are excited about the growing opportunities within the B2B enterprise technology space in India, and believe Perfios is the best-in-class fintech-focused SaaS player,” said Kelvin Yu, Senior Managing Director and Head of Teaching Business Growth at Asia, in a statement.
Ontario Teachers’ Pension Plan, one of Canada’s largest pension funds, has increased its interest in India in recent years. The fund, which also backed logistics unicorn Xpressbees last year, has invested more than $3 billion in India and plans to deploy a significant amount in the country by 2030 as part of its broader goal of deploying $300 billion. in certain key markets.