Perfios, a software-as-a-service (SaaS) company focused on the financial services sector, has raised $229m (Rs18.9bn) in a Series D round from Kedaara Capital.

The investment round comprised a primary fund raise and a secondary sale.

Headquartered in Bengaluru, India, Perfios plans to use the proceeds to fund its expansion in Europe and North America.

In addition, the company will invest in advanced technology to enhance its suite of Decision Analytics SaaS products to cater to the needs of customers across banking, insurance, and embedded commerce sectors.

Set up in 2008, Perfios claims to serve more than 1,000 financial institutions across 18 countries.

Annually, Perfios is said to handle 1.7 billion transactions while delivering 8.2 billion data points to banks and other financial institutions to speed up decision-making.

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Perfios CEO Sabyasachi Goswami said: “Since our inception in 2008, Perfios has consistently led the way as a category-creating leader in the SaaS space. This investment will help us in strengthening the digital transformation journey of our partners, thereby powering financial inclusion and providing access to financial services to billions across the globe.”

Kedaara Capital founder and managing partner Nishant Sharma said: “Led by one of the strongest teams in the space, Perfios has created truly the best-in-class fintech SaaS business that plays on the strong secular growth and increasing digitisation levels in the financial services sector in India and globally.

“Their pioneering approach has led to a strong positive flywheel effect that will help the company maintain its market leading position, and we are excited to partner with them.”

Kedaara Capital is joining Bessemer Venture Partners and Warburg Pincus as a Perfios’ investor.