Bengaluru, March 11, 2024 – Perfios, India’s largest B2B SaaS TechFin, today announced the strategic acquisition of CreditNirvana, an AI-driven debt management and collections platform. This acquisition enhances Perfios’ capabilities in collections and debt management, strengthening its end-to-end product stack. By enabling financial institutions to streamline recoveries, minimize delinquencies, and maximize portfolio performance, Perfios further cements its role as the operating system for the BFSI sector.
CreditNirvana is a category leader in debt collection and recovery, leveraging AI and predictive analytics to automate the entire collections lifecycle, from early-stage delinquency management to legal recoveries. With lenders in India spending over $7 billion annually on debt recovery and collections, this acquisition positions Perfios to tap into a high-growth market with a full-stack, technology-first approach to financial services.
Sabyasachi Goswami, CEO, Perfios, said, “We are delighted to welcome CreditNirvana into the Perfios family. This acquisition is a strategic step in expanding our product suite and strengthening our capabilities in debt management and collections. By integrating CreditNirvana’s AI-driven capabilities with our existing solutions, we aim to unlock new efficiencies. This addition reinforces our dedication to innovation and market leadership, further solidifying Perfios as a full-stack, tech-first financial technology provider. We are confident that this move will enable us to deliver greater value and drive the global financial ecosystem forward at scale and speed.”
“Perfios’ deep expertise in financial technology and strong commitment to innovation gives us a significant advantage in expanding our reach and advancing our AI capabilities,” said Raj MKK, Founder and CEO, CreditNirvana. “Their market leadership in India, along with their established global presence, provides the scale and technological backing needed to accelerate our growth. This partnership enables us to enter new markets, offer more sophisticated AI-driven solutions, and set new benchmarks in data-driven debt management and recovery”.
Perfios recently announced the strategic acquisition of Clari5, a category leader in banking financial crime management, expanding their fraud mitigation, risk intelligence and AML offerings.
About Credit Nirvana
Founded in 2019 and headquartered in Bangalore, CreditNirvana.ai is an AI driven, end-to-end debt management platform that automates the entire debt collection lifecycle. Serving banks, NBFCs, FinTechs, and Asset Reconstruction Companies (ARCs), it leverages data-driven automation to optimize recoveries, reduce delinquencies, and enhance operational efficiency while reducing costs. The platform manages a collection portfolio exceeding $9 billion, handles over 42 million loan accounts, and supports nine types of loan portfolios. By integrating advanced artificial intelligence with seamless automation, CreditNirvana is redefining debt management and collections at scale.
About Perfios:
Founded in 2008, Perfios.ai is a global B2B SaaS company serving the Banking, Financial Services and Insurance industry in 18 countries, empowering 1000+ financial institutions. Through their pioneering software platforms and products, Perfios helps financial institutions to take big leaps by shaping their origination, onboarding, decisioning, underwriting and monitoring processes at scale and speed. Perfios delivers 8.2 billion data points to banks and financial institutions every year to facilitate faster decisioning, and significantly accelerates access to credit and financial services for their clients’ customers. Headquartered in Bangalore, with offices worldwide and with 75+ products and platforms, and over 500+ APIs, in Perfios, their clients have a confident and a robust start-to-end tech platform.
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Media Contact:
Head of Communications:
Garima Kaul
+91 93158 35850
garima.kaul@perfios.com
