Perfios, a SaaS-based B2B fintech startup, has reported a significant financial turnaround in FY23, with its revenue soaring to Rs 407 crore, a substantial increase from Rs 136 crore in the previous fiscal year. According to Entrackr, Perfios attributes this growth to its diverse suite of services that cater to various sectors, including consumer lending, SME lending, wealth management, and more.
Perfios’ success in income analysis, fraud checks, verification, and automated customer onboarding has been a driving force behind this revenue jump. This comes after the startup raised $229 million in a Series D funding round led by Kedaara Capital.
The startup’s strategic acquisitions, such as the fintech startup Karza Technologies, have also paid dividends, contributing to a consolidated profit in FY23. Karza alone brought in Rs 168 crore in revenue and Rs 51 crore in profit after tax.
Despite a 2.1X increase in employee benefits expenses, Perfios maintained operational efficiency by registering a profit of Rs 7.8 crore in FY23, a significant recovery from a Rs 16.8 crore loss in FY22.
In preparation for an anticipated IPO within the next 18-24 months, Perfios has made strategic leadership appointments. Sumit Nigam has been brought on as the Chief Technology Officer, while Anu Mathew will serve as the Chief People Officer.
Perfios’ growth has had a positive impact on its employees, with a recent ESOP buyback creating 62 millionaires among its workforce.
Founded in 2008, Perfios offers software solutions to the banking, financial services, and insurance sectors across 18 countries. The startup helps financial institutions handle various processes, including customer onboarding, decision-making, underwriting, and monitoring, making these processes quicker and more efficient.
Perfios claims to serve over 1,000 financial institutions globally, providing a massive amount of data, about 8.2 billion data points annually, to help banks and other financial entities make faster decisions. Additionally, it handles a substantial number of transactions, around 1.7 billion, amounting to an Asset Under Management (AUM) of $36 billion annually.
