Perfios Acquires Clari5: Significant Move in B2B Fintech

SaaS-based B2B fintech entity Perfios has recently completed the acquisition of CustomerXPs, which operates the fraud detection platform Clari5, for a sum that has not been disclosed.

With this development, Clari5 will now be a fully owned subsidiary of Perfios, a firm that currently boasts around 1,500 employees. The leadership team at Clari5 will continue to function as an independent entity within the Perfios group.

Clari5’s Range of Solutions

Clari5 offers a diverse array of solutions for banking institutions, including enterprise fraud management, anti-money laundering services, customer looped alert management, payment fraud reporting, customer due diligence, identity resolution, as well as loan origination and monitoring services.

Funding and Financial Performance

Since its establishment in 2006, Clari5 has secured approximately $3.9 million in equity funding. In the fiscal year 2024 (FY24), Clari5 reported a net profit of Rs 3.4 crore alongside a revenue of Rs 76.5 crore.

Perfios’ Services and Reach

Perfios aids financial institutions in various areas such as revenue analysis, fraud detection, verification, and automation of customer onboarding. The firm caters to several sectors, including consumer lending, SME lending, and wealth management. Operating across 18 countries, Perfios supports over 1,200 institutions globally.

Recent Acquisitions and Growth

In an earlier move in September 2023, Bengaluru-based Perfios also acquihired the Chennai-based open finance platform Fego.ai. The company achieved unicorn status after a funding round of $80 million in March of the previous year.

According to data from various intelligence sources, Perfios’ operational revenue soared to Rs 557.8 crore in the latest fiscal year (FY24), escalating from Rs 407 crore in FY23. During this period, the company’s profit after tax (PAT) experienced a staggering 9.2 times year-on-year increase, reaching Rs 71.67 crore.