Debt Collection SaaS Platform Credgenics Raises $50 Mn in Funding

Credgenics, a prominent player in the realm of SaaS-based debt collections platforms, is embarking on a substantial growth journey as it secures a substantial $50 million in a series B funding round. This pivotal funding effort is being led by its existing investors, Westbridge Capital and Accel, showcasing their continued confidence in the company’s potential. Notably, other notable investors that participated in this round include Tanglin Ventures and Beams Fintech Fund, alongside other strategic backers.

This strategic infusion of capital has propelled Credgenics’ valuation to a staggering $340 million, effectively tripling its previous valuation.

In an expansive stride towards its vision, the SaaS platform plans to utilize this newly acquired capital to expand its footprint into Southeast Asian markets, encompassing countries like Vietnam and Indonesia. These nations share key characteristics with India’s credit market, which makes them promising avenues for Credgenics’ solutions, as elucidated by Chief Executive Officer Rishabh Goel in a recent statement to Bloomberg News.

Looking back, Credgenics’ journey through funding milestones has been characterized by significant achievements. In August 2021, the company secured $25 million in its Series A funding round, a notable feat driven by the support of investors such as Westbridge Capital, Tanglin Venture Partners, and Accel Partners. Prior to that, Credgenics had garnered $3.3 million from Accel India and Titan Capital in October 2020, with an initial seed funding of $300K from Titan Capital in November 2019.

Founded in 2019 by Rishabh Goel, Anand Agrawal, and Mayank Khera, Credgenics has established itself as a pioneering force in providing Loan Collections and Debt Resolution technology platforms to entities such as Banks, Non-banking financial companies, FinTechs, and ARCs worldwide. Harnessing the power of AI, its SaaS-based platform has gained recognition, securing the title of the #1 Best Selling Loan Collections Platform in India according to IBS Intelligence’s Annual Sales League Table 2022.

Credgenics’ impact is palpable, with over 80+ customers in its fold and a substantial handling of financial portfolios. This includes overseeing a staggering USD$2 billion in NPA stage retail loan book value, along with USD$6 billion in delinquent stage retail loan book value. The platform seamlessly manages a staggering 22 million retail loans and facilitates an impressive 60 million digital communications on a monthly basis.

Credgenics’ partnership with lenders has manifested in tangible benefits. The platform has led to a 20% increase in resolution rates, a 25% improvement in collections, a 40% reduction in collections cost, a 30% decrease in collections time, and an astonishing 60% enhancement in legal efficiencies.

As Credgenics forges ahead, it stands as a testament to innovation, expertise, and transformative impact in the domain of debt collections and resolution, with a trajectory that is both impressive and promising.

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