Our portfolio company Credgenics, a SaaS-based debt collections platform in which we led the seed round in 2019, has raised $50 million in a series B funding round led by WestBridge Capital, Accel, Tanglin Ventures, Beams Fintech Fund and other strategic investors.
Credgenics is a leading provider of loan collection and debt resolution technology platform to banks, non-banking finance companies, fintech and ARC’s worldwide. The AI-powered SaaS-based platform has been recognised twice as the #1 Best Selling Loan Collection Platform in India by IBS intelligence in their annual sales league table 2022 and 2023.
Credgenics plans to utilise the capital for product innovation and enrichment, international business expansion, and capturing other BFSI industry segments.
Credgenics Co-Founder and Chief Executive Officer Rishabh Goel said the support from investors propels the firm towards its 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,” he said.
Credgenics Co-Founder and Chief Product and Technology Officer Anand Agrawal said that the firm is committed to harnessing the power of digital and emerging technologies for transforming the way debts are managed while ensuring a seamless experience for lenders and borrowers.
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. Strengthening our partnership with our existing investors is a strategic decision that will help us bring more agility, convenience and efficiency to the loan collections process,” he said.