Academics’ Enterprise Development, the late-stage enterprise and development funding arm of Ontario Academics’ Pension Plan, is investing $80 million in Perfios, an Indian fintech that gives real-time credit score underwriting options to banks and different monetary establishments. The brand new funding values Perfios at a valuation of over $1 billion.

15-year-old Perfios, which raised a $229 million funding spherical in September, stated it would use the contemporary capital to strengthen its enterprise exterior of India and to discover inorganic development alternatives (learn acquisitions.) The startup, which is operational in practically two dozen markets and has raised $464 million in major and secondary transactions thus far, plans to go public by subsequent yr, it stated earlier.

Bengaluru-based Perfios offers real-time knowledge aggregation and evaluation instruments to monetary establishments, enabling them to streamline their buyer journeys and make extra knowledgeable choices. By leveraging superior algorithms, Perfios helps banks, fintechs and different monetary establishments in addition to insurance coverage companies scale back danger, spot fraud, and enhance the general high quality of their portfolios whereas strengthening their choice making processes.

“Our enterprise has been seeing regular development year-on-year, with constant enchancment within the backside line,” stated Sabyasachi Goswami, CEO of Perfios, in an announcement. “I need to prolong my heartfelt gratitude to all our companions who’ve trusted us all through our journey.”

Perfios stated it delivers 8.2 billion knowledge factors to banks and different monetary establishments yearly to facilitate sooner decisioning, and processes 1.7 billion transactions a yr with an AUM of $36 billion. Perfios is the second unicorn from India this yr.

The startup, whose clients embrace HDFC and Kotak Financial institution, generated a income of $49.1 million within the monetary yr ending March final yr.

Perfios’ credit score decisioning instruments. Picture Credit: AllianceBernstein

“We’re excited in regards to the rising alternatives inside the B2B enterprise tech area in India, and we consider Perfios is a best-in-class fintech-focused SaaS participant,” stated Kelvin Yu, Senior Managing Director and Head of Academics’ Enterprise Development in Asia, in an announcement.

Ontario Academics’ Pension Plan, one in every of Canada’s largest pension funds, has ramped up its curiosity in India in recent times. The fund, which additionally backed logistics unicorn Xpressbees final yr, has invested greater than $3 billion in India and plans to deploy a big quantity within the nation by 2030 as a part of its broader aim to deploy $300 billion in sure key markets.