SaaS unicorn Perfios acquires fraud detection platform Clari5

In a move aimed at bolstering its capabilities in fraud and risk management, Perfios, a B2B SaaS TechFin firm, announced that it has acquired Clari5 (CustomerXPs), an online platform for detecting, investigating and preventing financial crime. 

While financial terms of the deal were not disclosed, the acquisition will make Clari5 a wholly-owned subsidiary of Perfios, strengthening the company’s expanding footprint in India and key global markets such as the Middle East and North Africa, as well as Southeast Asia.

Clari5’s leadership team to operate independently

Under the agreement, Clari5’s leadership team will continue to operate independently, allowing the company to focus on its suite of real-time solutions for enterprise fraud management (EFRM), risk management, anti-money laundering (AML), payment fraud reporting, identity resolution and more.

Leadership comments

The acquisition, according to Perfios Chief Executive Officer Sabyasachi Goswami, marks a significant step in building what he described as “the most comprehensive fraud and risk management ecosystem” in the financial technology sector.

“We are thrilled to welcome Clari5 into the Perfios family,” Goswami said. “Clari5’s real-time financial crime management platform, trusted by marquee financial institutions worldwide, perfectly complements Perfios’ mission to deliver secure, scalable and tech-first solutions."

"Together, we are set to redefine fraud prevention, risk intelligence and AML compliance, empowering financial institutions to stay ahead of evolving threats while powering financial security for billions across the globe.”

Clari5 Chief Executive Officer Rivi Varghese said joining forces with Perfios opens a new chapter of growth and innovation for the company, which was founded in 2006 and has since raised around $3.9 million in equity funding.

“With Perfios’ deep expertise in the financial technology ecosystem and our advanced real-time financial crime management platform, we are creating a powerful synergy,” Varghese said. “Perfios’ scale, global presence and stability position us to serve the largest banks worldwide, enabling us to deliver impactful solutions to financial institutions of all sizes and complexities.”

Clari5’s market presnece

Clari5 claims that it processes more than 10 billion transactions every month, managing over 1 billion accounts across at least 15 countries.

In fiscal year 2024, the company reported a net profit of Rs 3.4 crore on revenue of Rs 76.5 crore.

What does Perfios do?

Founded in 2008, Perfios is a B2B SaaS pioneer serving banks, financial services firms and insurance companies in 18 countries. Its portfolio of more than 75 products and platforms helps over 1,200 financial institutions with processes such as origination, onboarding, verification, underwriting, monitoring and fraud detection. 

In addition to the Clari5 deal, Perfios recently acqui-hired the Chennai-based open finance platform Fego.ai in September 2023.