Indian SaaS fintech leader Perfios has acquired Bengaluru-based Clari5, a cutting-edge financial crime detection and risk management platform developed by CustomerXPs. Established in 2006, Clari5 specializes in fraud mitigation, risk management, and anti-money laundering (AML) solutions, empowering banks and financial institutions to detect, investigate, and prevent financial fraud in real time. Following the acquisition, the financial terms of which remain undisclosed, Clari5 will continue to operate independently as a wholly-owned subsidiary of Perfios.
Rivi Varghese, founder and chairman of Clari5, expressed enthusiasm for the acquisition, emphasizing that the partnership will significantly expand Clari5’s global reach and enhance its ability to help financial institutions combat the ever-evolving landscape of financial crime. Perfios, known for its data aggregation and analysis tools, supports banks, fintechs, and other financial institutions in optimizing processes such as origination, onboarding, underwriting, and monitoring. Its SaaS platform is already deployed by over 1,000 financial institutions across 18 countries, underlining its extensive influence in the fintech industry.
Perfios has experienced exponential growth in recent years, fueled by major investments. In March 2024, the company raised $80 million from Teachers’ Venture Growth, the investment arm of the Ontario Teachers’ Pension Plan, achieving unicorn status. Prior to this, Perfios secured $229 million in a Series D round from Kedaara Capital in September 2023, the same month it acquired open finance platform Fego.ai. These strategic moves have solidified Perfios’ reputation as a major force in the fintech sector.
The integration of Clari5’s advanced fraud detection and AML capabilities aligns perfectly with Perfios’ vision to create a secure and efficient financial ecosystem. By combining Clari5’s expertise in financial crime detection with Perfios’ data-driven decision-making platform, the partnership aims to set new standards in fraud prevention and risk management, enabling financial institutions to address emerging threats with greater precision and agility.
As the global financial landscape grows increasingly complex, the acquisition underscores Perfios’ commitment to innovation and its role as a key enabler of secure and transformative banking practices worldwide. With Clari5 as part of its portfolio, Perfios is poised to continue driving change and shaping the future of the fintech industry.
