Perfios, a B2B SaaS fintech company, announced that Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of the Ontario Teachers’ Pension Plan, will invest $80 million in the company.
ba Perfios plans to continue its international expansion and strengthen its global footprint while also utilising the funds towards exploring inorganic growth opportunities, as per a company statement.
The company will invest in their comprehensive tech stack to power end-to-end customer journeys across banking, insurance, and embedded commerce. The start-up plans to go public by next year.
Deepak Dara, Senior Managing Director and Head of India at Ontario Teachers', said, “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.”
Commenting on the development, Sabyasachi Goswami, CEO, Perfios, said, “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 billions across the globe.”
As part of the investment, Darius Vakil, Director, TVG, India, is slated to join the board of Perfios as the nominee for the Ontario Teachers’ Pension Plan. With Bessemer Venture Partners joining in 2017 during the Series A round, Warburg Pincus in 2019, and Kedaara Capital’s investment last year, Perfios has garnered significant backing from these investors over the years, reads the company statement.
The company raised $70 million from investors in a Series C round. This made the company join the unicorn club. Start-ups that are valued at $1 billion or above are called unicorns.
