Beams Fintech Fund invests in debt collection SaaS platform Credgenics
Beams Fintech Fund, India’s first growth-stage Fintech fund, has invested an undisclosed amount in Credgenics’ Series B funding round worth $50 million. This investment comes in collaboration with Westbridge and Accel. Credgenics, founded in 2018, is India’s leading debt collection SaaS platform and has previously garnered investments from Tanglin, Tital Capital, and DMI Finance.
Credgenics: Revolutionizing Debt Collection with AI-Powered SaaS Platform
Named as India’s #1 bestselling loan collection platform by IBS Intelligence, Credgenics has redefined how debt collections are managed in India. The AI-powered SaaS platform focuses on digital debt collection, an increasing necessity as lending volumes and instant loans grow. The platform has worked with over 100+ customers in the BFSI segment, handling 40 million retail loans and sending 60 million digital communications monthly.
Strategic Investment by Beams Fintech Fund Aims to Enhance Digital Debt Collections
The investment from Beams Fintech Fund aims to accelerate digital transformation in the debt collection sector. The collaboration will focus on bridging operational gaps and enhancing efficiencies at scale. Credgenics has already shown its prowess by increasing resolution rates by 20%, improving collections by 25%, and reducing collections costs and time by 40% and 30% respectively.
Beams Fintech Fund’s Ecosystem to Augment Credgenics’ Market Reach
Beams Fintech Fund, with its robust network of Limited Partners (LPs) including leading Banks and NBFCs, will facilitate Credgenics’ market penetration. Beams’ value-add strategy will offer Credgenics access to its banking network and a portfolio of 250+ startups, opening up avenues for potential collaborations and acquisitions.
Experts Speak: A Partnership Geared for Market Leadership
Sagar Agarwal, Managing Partner & Co-Founder of Beams Fintech Fund, emphasized that the investment is a strategic move, identifying debt collection as a long-standing challenge in the Banking Infrastructure and Tech space.
“Credgenics, under the leadership of Rishabh Goel, Mayank Khera, and Anand Agarwal, has productized the debt collection challenge and we see a clear path to a huge revenue market for the company,” he said.
Credgenics to Expand its Footprint in Southeast Asia
Co-founder and CPTO of Credgenics, Anand Agrawal, welcomed the investment as a catalyst for the company’s next growth phase, particularly in Southeast Asia. “With our market-leading collections platform, we aim to transform debt collections through rapid adoption of digital technology,” he concluded.
With this strategic investment, Beams Fintech Fund and Credgenics aim to lead the way in transforming digital debt collection in India and beyond.