Credgenics, a global provider of SaaS-based debt collections and resolution technology, has secured $50m in a Series B funding round.

This investment was spearheaded by notable contributors including Westbridge Capital, Accel, Tanglin Ventures, Beams Fintech Fund, and other strategic investors. With this recent funding, Credgenics’ valuation has surged to $340m.

The influx of capital will be channelled towards dynamic objectives such as enhancing product innovation, expanding its international presence, and extending its reach across additional segments within the banking, financial services, and insurance (BFSI) industry.

Credgenics co-founder and CEO Rishabh Goel said: “We express our gratitude to our current investors for their unwavering support and trust in our vision. Their support propels us towards our 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.”

Established in 2019, Credgenics has rapidly gained ground within the Indian market and is now embarking on a transformative journey in the SouthEast Asia region. The company’s unwavering dedication to redefining debt collections through digital transformation and data-driven insights has yielded impressive results, boasting a remarkable growth rate of 7x since its previous funding round in 2021.

By relentlessly pushing the boundaries of collections practices, Credgenics has been a catalyst for innovation, consistently delivering substantial business value to its clients within the banking and financial services sector.

Collaborating with over 100 renowned private banks, non-banking financial companies, Fintech firms, and Asset Reconstruction Companies, Credgenics has cemented its influence. Among its notable partners are IIFL Finance, Mahindra Finance, ICICI Bank, HDFC Bank, DMI Finance, Hero Fincorp, TVS Credit, IREP Credit Capital, and Indifi.

Impressively, Credgenics has engaged with an extensive loan book totaling $47bn during the fiscal year 2022.

Credgenics’ prowess is underscored by its comprehensive SaaS-driven platform, which offers an array of debt resolution solutions. This includes digital collections, collections analytics, litigation management, a field collections mobile app, agent performance management, and a payments platform.

Leveraging the power of AI-driven intelligent automation and Machine Learning models, these solutions deliver unparalleled efficiency within the collections process.

This resounding success has earned Credgenics the backing of esteemed entities like Westbridge Capital, Accel, Beams Fintech Fund, Tanglin Venture Partners, and other strategic investors.

With a recent attainment of operational profitability and a substantial revenue of INR1bn ($12m) in the fiscal year 2022-23, Credgenics solidifies its commitment to innovation and operational excellence in collections.

The company’s footprint spans five offices across India, supplemented by two others in Jakarta and Singapore. An additional office is slated for launch in Vietnam, exemplifying Credgenics’ unwavering dedication to its mission.

WestBridge Capital co-founder and managing partner Sumir Chadha said: “As steadfast investors in Credgenics’ remarkable growth, we recognize the immense potential and unwavering dedication of this visionary team.

“With AI at its forefront, what Credgenics is doing is truly exceptional. 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.

“As we stand beside Credgenics, we embrace the opportunity to reshape the future of debt recovery, together, paving the way for financial empowerment and growth.”