Perfios Expands Its Reach with Acquisition of CreditNirvana

SaaS-based B2B fintech company Perfios has acquired the debt management and collections platform known as CreditNirvana. This recent acquisition follows Perfios’ earlier purchase of Clari5, a banking financial crime management platform, aimed at boosting its capabilities in risk intelligence and fraud prevention.

About CreditNirvana

Established in 2019 by Raj Mohan Kunju and Raj Parthasarathy, CreditNirvana focuses on providing AI-driven debt management solutions that assist banks, non-banking financial institutions, and fintech companies in streamlining the process of loan collections, lowering delinquency rates, and enhancing overall portfolio performance. To date, CreditNirvana has secured funding of $2.2 million from Cornerstone Venture Partners Fund and other backers.

Business Performance

The startup, which operates from Bengaluru, claims it manages a collection portfolio that exceeds $9 billion and oversees more than 42 million loan accounts. In its financial reporting for the fiscal year 2023-24, CreditNirvana indicated it incurred a net loss of Rs 4.5 crore against revenues totalling Rs 11.8 crore.

Future of CreditNirvana Post-Acquisition

After the acquisition, CreditNirvana will function as a wholly owned subsidiary of Perfios. The company’s nearly 100-member team will maintain its independent operations.

About Perfios

Founded in 2008, Perfios provides advanced software solutions that enable lenders to evaluate customers and businesses through the digital analysis of bank statements, payslips, and passbooks. With a latest valuation of $2.5 billion, Perfios has raised $450 million from a variety of investors, including Warburg Pincus, Kedaara Capital, and Bessemer Venture Partners.

Perfios claims to cater to over 1,000 financial institutions across 18 countries and processes more than 8.2 billion data points on an annual basis to facilitate credit decision-making and support financial services.