Credgenics raises $50 mn in Series B funding
It will use the funds for product innovation and enrichment, international business expansion
SaaS-based debt collections and resolution technology platform Credgenics on Wednesday said it has raised $50 million in a Series B round led by Westbridge Capital, Accel, Tanglin Ventures, Beams Fintech Fund and other strategic investors.
The company, valued at $340 million, will use the funds for product innovation and enrichment, international business expansion, and capturing other BFSI industry segments. “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,” said Rishabh Goel, Co-founder and CEO, Credgenics.
Since its launch in 2019, Credgenics has seen 7 times growth rate. It is currently working with over 100 leading private banks, non-banking financial companies, fintechs and asset reconstruction companies.
The SaaS-driven platform offers a comprehensive suite of debt resolution solutions, including digital collections, collections analytics, litigation management, field collections mobile app, agent performance management, and payments platform.
“Its unique services and talented workforce are poised to put the company on the map for success and change the face of the debt collections industry for the better,” said Sumir Chadha, Co-founder and Managing Partner, WestBridge Capital. Pratik Agarwal, Principal, Accel, said that Credgenics’ innovative approach, leveraging cutting-edge technology and analytics, has demonstrated immense potential and delivered impressive results. Credgenics recently turned operationally profitable and reached a revenue of Rs 100 crore in FY23.