SaaS-based B2B fintech company Perfios has acquired CreditNirvana, a debt management and collections platform. In addition, last month, Perfios acquired Clari5, a banking financial crime management platform, to strengthen its risk intelligence and fraud prevention capabilities.

CreditNirvana today offers debt management solutions built on AI to make it possible for banks, non-banking financial companies, and fintechs to streamline and help improve loan collections, while lessening delinquencies and enhancing portfolio performance.

This is the company that CreditNirvana has benefited from, to date, in funds worth $2.2 million, raised from Cornerstone Venture Partners Fund and other investors. Bengaluru-based, the startup claims to be managing a collection portfolio of over $9 billion and handling more than 42 million loan accounts. In the fiscal year 2023-24, it recorded a net loss of Rs 4.5 crore on a revenue of Rs 11.8 crore.

Post acquisition, CreditNirvana would operate as a wholly-owned subsidiary of Perfios, and its close to 100-member employees would continue independently.

Founded in 2008, Perfios develops software that allows lenders to analyze customers' and businesses' bank statements against payslips and passbooks for the sake of underwriting. 

Last valued at $2.5 billion, the company received $450 million in funding from investors including Warburg Pincus, Kedaara Capital, and Bessemer Venture Partners.

Perfios boasts that it caters to 1,000 or more financial institutions in 18 countries, processing annually more than 8.2 billion data points for credit decisions and financial services.