Perfios targets diverse sectors, geographies to double revenue

livemint.com:

Mint in an interview. “We have launched one product, particularly for background verification. The first few clients have been on the financial services side, the next set of clients would be on the commerce side, where conversations are happening." In a recent report, investors at venture capital firm Bessemer Venture Partners, which has invested in Perfios, highlighted the increasing adoption of cloud-based SaaS platforms by banks and non-bank lenders for various use cases, including fraud detection, wealth management, customer engagement, and KYC, among others.

The report added that as pressure from new players, accelerated adoption of digital lending, and widespread cloud usage intensify, there will be a greater opportunity for disruption. Perfios competes with startups like Signzy and IDfy and claims to be the largest player in the space and the only company that enables end-to-end customer lifecycles for financial institutions. Earlier this year, the company became a unicorn or a startup with a billion-dollar valuation after it raised $80 million from Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan.

Prior to this, it raised $229 million from Kedaara Capital in a combination of primary and secondary transactions in September. Some of its other existing investors include Warburg Pincus and Bessemer Venture Partners. Perfios raised a total equity funding of about $464 million so far, according to data provided by Tracxn.