Software-as-a-service (SaaS) company Perfios has acquired FinTech platform Karza Technologies for an undisclosed amount, two weeks after Perfios raised $100 million in a Series C fundraising round, according to a report from VCCircle Wednesday, March 16.
Warbug Pincus and Bessemer Venture Partners led this investment effort for Perfios, which said in regulatory filings with the Department of Corporate Affairs that it would use the new capital to acquire other companies, capital expenditure and needs in working capital.
According to Perfios, the company has more than 350 customers for its real-time credit decisioning and analytics platform, including banks, non-bank lenders and FinTech startups in India, Southeast Asia, the Middle East and Africa.
According to the report, the platform can generate information on credit reporting, monitoring, fraud analysis, personal finance management and more. Meanwhile, Karza provides digitization, fraud mitigation, onboarding automation and systemic risk solutions for 450 clients across credit, banking, payments, insurance and of FinTech.
“Karza’s focus on onboarding automation and fraud prevention through its superior data engineering and high-tech application makes it a unique player in the market. Their solutions and expertise will help Perfios innovate faster,” Perfios CEO and co-founder VR Govindarajan said in the report.
“Together there is so much synergy that the combined entity can disrupt the market and deliver tremendous value to our customers that would not have been possible had we remained independent entities,” he said. .
Perfios, based in Bengaluru, India, has become a unicorn – a private company valued at $1 billion or more – with its Series C funding round. Perfios has not disclosed its valuation, but VCCircle has fixed the company. to $4.05 billion after the fundraising effort.
Related: Indian B2B credit-making fintech Perfios reaches unicorn status with $70m fundraising
The company will also raise about $40 million in debt financing this year. It previously raised $50 million in its Series B round.
Perfios categorizes over 500 million transactions each month and supports 1,700 data formats, with an international presence in 18 countries.