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In the late 2000s, the lending industry faced major delays because processing financial data was slow, done manually, and often had mistakes.
This meant borrowers had to wait longer, and lenders missed out on opportunities.
To solve this, Perfios was founded in 2008 by V.R. Govindarajan and Debasish Chakraborty.
Perfios focuses on real-time credit assessments and financial analytics, helping banks and lenders make faster and smarter decisions.
They created a platform that automatically analyzes complex financial documents, reducing processing time from days to minutes.
Named Perfios, short for Personal Finance One Stop, the company has become a key player in making financial data processing quicker and more reliable.
Revolutionizing credit assessment
Perfios developed technology capable of parsing through various financial documents:
Bank Statements
Tax Returns
Business Financials
Credit Card Bills
Automation of data extraction and analysis provides comprehensive insights into an applicant’s financial health.
Their platform can detect anomalies, assess risk, and even predict future financial behavior.
Empowering financial institutions
Perfios is connected with over 200 banks and NBFCs (Non-Banking Financial Companies) in India, including the major players in the industry.
Faster loan approvals
Read more : Money View – Simplifying finance for everyone
Enhanced risk management
Regulatory compliance
Innovating with an account aggregator framework
Perfios is a key technology service provider in India’s Account Aggregator (AA) ecosystem.
The AA framework allows individuals to securely share their financial data with consent, empowering them with control over their information. Perfios’s technology facilitates:
Secure data sharing: Using encryption and consent mechanisms.
Data standardization: Ensuring that disparate data sources are harmonized for analysis.
User empowerment: Giving individuals the ability to leverage their financial data for better services.
Global expansion
Recognizing the universal need for efficient financial data analysis, Perfios expanded to international markets in the Middle East and Southeast Asia.
Their adaptability to different regulatory environments and financial systems has been a significant strength.
Significant milestones
In 2019, Perfios raised $50 million in funding.
This investment was aimed at scaling operations, enhancing R&D, and exploring acquisition opportunities.
They have also launched FinTechLab, an initiative to support fintech startups.
Challenges and Adaptation
Handling sensitive financial data comes with immense responsibility.
Perfios has invested heavily in data security, regulatory compliance and ethical practices.
They navigated challenges during the pandemic by supporting digital lending initiatives, as physical verification processes became difficult.
The road ahead
Perfios aims to deepen its AI and machine learning capabilities to provide even more predictive and prescriptive analytics.
They are also exploring alternative data sources, real-time monitoring and blockchain applications.
Perfios exemplifies how technology can transform industries from the ground up.
As the financial world becomes more digital and data-driven, companies like Perfios will undoubtedly play a pivotal role in shaping the future.
With over 17 years of experience in Sales, Marketing, Team Building, Mentoring, and Client Servicing, Saurabh has built a strong foundation in driving business growth and strategic development.
He is the Founder of Mostech Digicom (formerly known as Mostech Softwares), where he played a pivotal role in establishing the project team from scratch. Over the last decade, he has successfully led the content strategy team, delivering impactful results and helping brands strengthen their digital presence.
Saurabh has recently expanded his expertise by leading two new ventures—IndianSportsBuzz.com and FocusStartup.com—both designed to cater to dynamic industries, providing valuable insights and resources for their respective audiences.
Academically, Saurabh holds a B.Sc. degree in Computer Applications (Hons.) and a Postgraduate degree in Business Management (Marketing). His ability to blend technology, marketing, and business acumen makes him a visionary leader in the digital space.
With his deep industry knowledge and leadership experience, Saurabh continues to drive innovation, mentor teams, and build strategies that create lasting success for businesses.
