Indian fintech start-up Credgenics secures $50m Series B funding
Debt collection Software-as-a-Service (SaaS) platform Credgenics has secured $50 million in a Series B funding round at a valuation of $340 million.
Credgenics raises $50m Series B
The round was led by Westbridge Capital, Accel, Tanglin Ventures, Beams Fintech Fund and other strategic investors.
Launched in 2019, Credgenics operates in India and has expanded into Southeast Asia. Its platform offers debt resolution solutions including digital collections, collections analytics, litigation management, field collections mobile app, agent performance management and an AI and machine learning-led payments platform.
Credgenics says it counts over 100 private banks, fintechs, non-bank financial companies and asset reconstruction companies as clients. Since its last fundraise in 2021, when it raised $25 million in a Series A round, Credgenics claims to have achieved 7x growth in revenue and become operationally profitable.
Commenting on the fundraise, Rishabh Goel, co-founder and CEO of Credgenics, says: “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.”
Credgenics will deploy the fresh capital towards product development, international business expansion, and entering other banking, financial services and insurance segments.
