Credgenics, a debt collections SaaS platform specialising in digitising the loan collection process, has raised substantial funding of $50m.
The company has secured $50m in a Series B funding round. The investment was led by WestBridge Capital, Accel, Tanglin Venture Partners, Beams FinTech Fund, and other strategic players in the industry.
Launched in 2019, Credgenics has revolutionised the debt recovery process. The platform offers services such as analytics, litigation management, agent performance management, a field collection mobile app, and an AI-driven payments platform. With a clientele that includes over 100 private banks, NBFCs, FinTech firms, and asset reconstruction companies, Credgenics has successfully handled an overall loan book worth $60bn in FY23.
Credgenics plans to utilise the $50m funding for product innovation, international expansion, and tapping into other banking, financial services, and insurance (BFSI) segments.
The company has grown seven times since its last valuation in 2021 at $100m, now reaching a valuation of $340m. With a strong presence in Jakarta, Singapore, and Vietnam, Credgenics became operationally profitable and reported a revenue of Rs 100 crore in FY23. Additionally, lenders working with Credgenics have witnessed increased resolution rates by 20%, improved collections by 25%, and reduced collections costs by 40%.
Credgenics CEO Rishabh Goel said, “With these resources, we can extend our innovative debt recovery solutions to new markets, empowering individuals and businesses worldwide to regain control of their loan collections.” Furthermore, Co-founder and Chief Product and Technology Officer Anand Agrawal commented, “We are in a prime growth phase where we plan to introduce more innovative solutions and expand our footprint in other countries as well as invest in product development.”
Credgenics previously raised funds in 2021 at a valuation of $100m.
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
