Credgenics bags $50m in Series B funding for SEA expansion
By Gloria Mathias
Credgenics, a debt collections SaaS provider and resolution technology platform, has raised $50 million in a Series B funding round led by Westbridge Capital, Accel, Tanglin Ventures, Beams FinTech Fund, among others.
The company will utilize Funds to fuel product innovation, expansion in Southeast Asia and other industry segments.
Regarding the announcement, Rishabh Goel, Co-Founder & CEO of Credgenics noted, “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 accelerates our growth and enables us to make a meaningful impact on the economic landscape of countries, unlocking new opportunities for financial well-being.”
Anand Agrawal, Co-Founder & CPTO, Credgenics said, “At Credgenics, we are committed to harnessing the power of digital and emerging technologies for transforming how debts are managed while ensuring a seamless experience for lenders and borrowers. We are in a prime growth phase where we plan to introduce more innovative solutions, expand our footprint in other countries, and invest in product development. Strengthening our partnership with our existing investors is a strategic decision to help us bring more agility, convenience, and efficiency to the loan collections process.
Sumir Chadha, Co-Founder & Managing Partner, WestBridge Capital shared, “As steadfast investors in Credgenics’ remarkable growth, we recognize this visionary team’s immense potential and unwavering dedication. 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.”
The company now has five offices in India and two in Jakarta and Singapore, with another set to open in Vietnam.
IBSi Daily News Analysis
September 25, 2023
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