Fintech firm Perfios has announced the acquisition of CreditNirvana, an artificial intelligence (AI)-powered debt management and collections platform.
The business-to-business software as a service firm said the acquisition will strengthen its product range and improves its ability to manage debt and collections.
CreditNirvana uses AI and data analysis to automate the debt collection process, from early payment issues to legal recoveries.
Given that financial institutions in India spend more than $7 billion each year on debt recovery, Perfios said the acquisition helps it enter a fast-growing market with its technology-focused approach.
“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,” Perfios chief executive officer (CEO) Sabyasachi Goswami said.
“This addition reinforces our dedication to innovation and market leadership, further solidifying Perfios as a full-stack, tech-first financial technology provider,” Goswami added.
CreditNirvana founder and CEO Raj M.K.K. said, “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.”
“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,” Raj added.
This acquisition comes after Perfios’ recent purchase of Clari5, a company that deals with banking financial crime management.
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