Credgenics, a Noida, India-based provider of SaaS-based debt collections and resolution technology platform, raised $50 million in Series B funding. The company's valuation has now reached $340 million.
The round was led by Westbridge Capital, with participation from Accel, Tanglin Ventures, Beams Fintech Fund, and other strategic investors.
The additional funds raised will be utilized for product innovation and enrichment, expanding international business operations, and venturing into other segments within the Banking, Financial Services, and Insurance (BFSI) industry.
The company’s SaaS-driven platform offers a comprehensive suite of debt resolution solutions, encompassing digital collections, collections analytics, litigation management, a mobile app for field collections, agent performance management, and a payments platform. These solutions leverage AI-driven intelligent automation and Machine Learning models to ensure highly efficient collections processes.
Speaking on the announcement, Rishabh Goel, Co-Founder & CEO, Credgenics, said, “We express our gratitude to our current investors for their unwavering support and trust in our vision. Their support propels us towards our mission of global expansion and fostering India’s financial growth. 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. This funding not only accelerates our growth but also enables us to make a meaningful impact on the economic landscape of countries, unlocking new opportunities for financial well-being.”
The company currently has five offices in India, in addition to two others in Jakarta and Singapore, with further expansion planned with a new office in Vietnam.
Company: Analog Legalhub Tech Solutions Pvt. Ltd.
Raised: $50.0M
Round: Series B
Funding Month: August 2023
Lead Investors: Westbridge Capital
Additional Investors: Accel, Tanglin Ventures, and Beams Fintech Fund
Company Website: https://www.credgenics.com/
Software Category: SaaS-based Debt Collections and Resolution Technology Platform
About the Company: Credgenics is an innovative FinTech that provides advanced loan collections and debt recovery technology solutions to Banks, Non-banking finance companies, ARCs, and Digital lending firms worldwide. Credgenics platform helps lenders leverage technology to boost their resolution rates, improve collections efficiencies, increase collections, transform customer experience, and reduce non-performing loans. Credgenics collaborates with more than 100 leading private banks, non-banking financial companies, fintech firms, and Asset Reconstruction Companies (ARCs).
Source: https://www.expresscomputer.in/news/debt-collections-saas-platform-credgenics-raises-usd-50-mn-in-series-b-funding/102011/