Credgenics Secures Series B Funding From Beams Fintech Fund As per the company, Credgenics has worked with more than 100 customers in the BFSI segment (Banks, NBFCs and fintechs
By Teena Jose
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Debt Collection SAAS platform Credgenics has secured an undisclosed amount in a Series B round of $50 million from Beams Fintech Fund, India's Growth Stage Fintech Fund. Beams has invested alongside Westbridge and Accel in this round. Other investors in this company include Tanglin, Tital Capital and DMI Finance.
"We are thrilled to welcome Beams Fintech Fund as a new investor in our Series B round. This infusion of capital will serve as a catalyst for propelling our next phase of growth in the Southeast Asia region and powering new developments in the product. We are focused on ushering in a new era of debt collections through innovation and rapid adoption of digital technology. With our market leading collections platform, we are committed to empowering individuals and businesses worldwide to simplify the management of their debt resolutions," said Anand Agrawal, co-founder and CPTO, Credgenics.
As per the company, Credgenics has worked with over 100-plus customers in the BFSI segment (Banks, NBFC's and Fintech's). It also claimed that the platform has handled 40 million retail loans till date and sends 60 million digital communications every month.
Founded in 2018 by Rishabh Goel, Anand Agarwal and Mayank Khera, Credgenics is revolutionizing the way collections are made and serviced in the country.
"We have spent a lot of time in the Banking Infrastructure and Tech space to identify segments which are mission-critical for Banks & FIs. Collections has been a long-standing challenge for FIs globally, and a key concern area where FIs are willing to pay to improve efficiencies. As lending markets will become larger over the next decade, FIs will have to spend capital on resources and technology to effectively collect at the same pace. Credgenics is a market leader today in Collections plug- and-play SaaS space. Rishabh, Mayank and Anand have productised the problem of collections for FIs and have used a first principles approach towards building the platform and providing a unique solution for FIs. We are delighted to partner with Credgenics and see a clear path to a huge revenue market for the company," said Sagar Agarvwal, managing partner and co-founder, Beams.
