The SaaS-based B2B fintech firm Perfios continued its upward trajectory during its fiscal year ending March 2024. In FY24, the firm witnessed a 37.1% increase in revenue, surpassing the Rs. 550 crore marks. Furthermore, its revenue increased by more than nine times during this fiscal period.

The consolidated financial statements filed with the Registrar of Companies show that Perfio’s revenue from operations jumped from Rs. 407 crores in FY23 to Rs. 557.8 crore in FY24.

Perfios provides revenue analysis, fraud checks, verification, and automated customer onboarding to financial institutions in verticals including consumer lending, SME lending, and wealth management. Its services include fraud checks, verification, and automated customer onboarding. The firm claims to be present in 18 nations and to have fueled over 1,200 institutions with its services.

Revenue from services jumped by 29.3% to Rs. 472 crores in FY24, while revenue from software development and upkeep jumped by 100% to Rs. 82 crore. Subscription fees accounted for Rs. 3.57 crore for the Kedaara Capital-backed firm.

The total revenue of Perfios was Rs. 569.47 crore in FY24, due to gain in investment and bank deposits.

In FY24, Perfio’s employee benefits costs jumped by 36.4% year-on-year to Rs. 291.16 crore. Legal, professional, technology including other overheads increased to Rs. 161 crore from Rs. 128.8 crore in FY23. The cost of depreciation and amortization increased 13.1% to Rs. 36.3 crore from the previous year, from Rs. 32.1 crore.

In FY24, the company’s total expenses increased by 28.3% from Rs. 386.4 crore in the previous fiscal year.