Perfios Purchases CreditNirvana, Platform for Debt Resolution

Perfios, a Bengaluru-based software development company, has added the AI-driven debt management and collections platform CreditNirvana to its extensive range of business-to-business (B2B) products for an unknown sum. The agreement was made one month after the fintech company, which specialises in fraud detection and software solutions for financial institutions' underwriting, onboarding, decision-making, and risk management, purchased the fraud-detection platform Clari5 (CustomerXPs) to bolster its suite of crime management tools. Additionally, the most recent acquisition coincides with an increase in demand for comprehensive debt resolution services. By using AI to add a layer of intelligence to collections and reduce delinquencies, modern platforms like Credgenics, Spocto X (a Yubi Company), DPDzero, CredResolve, Rezolv, Creditas Solutions, and Skit AI, among others, are simplifying the process for banks, NBFCs, and fintechs.

Perfios Exploring the High Growth Market

The transaction puts Perfios in a position to access a high-growth market with a full-stack, technology-first approach to financial services, as lenders in India spend more than $7 billion a year on debt recovery and collections, the company said in a statement. According to Sabyasachi Goswami, CEO of Perfios, the company hopes to achieve new efficiencies by combining CreditNirvana's AI-driven capabilities with Perfios' current products. This addition strengthens Perfios' position as a full-stack, tech-first financial technology supplier and reaffirms the company's commitment to innovation and market leadership.

The company is certain that this action will allow it to provide more value and propel the global financial ecosystem forward quickly and at scale. CreditNirvana, which was founded in 2019 and has its headquarters in Bangalore, provides an end-to-end debt management platform. It has over 42 million loan accounts and manages a collection portfolio of over $9 billion. The company, which is sponsored by G A Partners and Cornerstone Venture Partners, was recently valued at $8.36 million and has received $2.2 million thus far. Perfios' extensive knowledge of financial technology and unwavering dedication to innovation, according to Raj MKK, founder and CEO of CreditNirvana, gives the company a major edge in growing its clientele and developing its artificial intelligence skills. Through the collaboration, CreditNirvana can expand into new areas, provide more advanced AI-powered solutions, and establish new standards for data-driven debt recovery and management.

Perfios Expanding its Portfolio

In order to grow its offers across the board, Warburg and Kedaara-backed Perfios, which became a unicorn last year after collecting $80 million in a Series D1 round from Teachers' Venture Growth (TVG), has been adopting the organic path. In September 2023, it acquired Chennai-based open finance platform Fego.ai to expand its global reach in addition to acquiring new fraud detection and debt collection capabilities. Through the agreement, Perfios gained access to Fego's clientele of over 1,200 financial institutions in 18 countries, providing them with software solutions for risk management, underwriting, onboarding, and decision-making. With a 37.1% increase in revenue at INR 557.8 crore, the company's FY24 net profit jumped 9.2X to INR 71.67 crore. Its revenue was made up of INR 52.21 crore from international activities and INR 505.6 crore from domestic operations.