 "Credgenics launches debt recovery platform for asset reconstruction firms")
Credgenics, a debt collection company, said on Wednesday it has launched a new version of its technology platform that will give asset reconstruction companies (ARCs) insights about small businesses.
Reliance Asset Reconstruction Company (RARC) is among the customers that have subscribed to the technology platform, said Credgenics. The platform gives information about each stage of delinquent cases, including prior communication history, to help ARCs in debt recovery.
Noida-based Credgenics said the platform uses artificial intelligence and machine learning to help ARCs evaluate communication effectiveness and make outreach plans.
“ARCs play a crucial role in the financial services landscape, and our technology solution has been specifically designed keeping in mind their operational challenges and business expectations. We have already seen remarkable results with some of our leading ARC customers, and we are confident of continuing to add more business value in the future,” said Rishabh Goel, co-founder and chief executive officer (CEO) of Credgenics, in a company statement.
“The automated trust settlement capabilities provide seamless reconciliations and customisable legal workflows for SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest), legal notices, and other legal actions for enhanced resolutions,” said the company.
The platform’s app digitises field recoveries with capabilities that include automatic case allocations, geo-tracking, geo-fencing, visit recording, and digital payments.
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“Leveraging Credgenics’ digitisation and data-oriented capabilities has been instrumental in taking our debt recovery performance to the next level. The seamless digital edge,integrated approach, and comprehensive insights from data analytics have strengthened our legal communication process, expedited resolutions, and optimised overall processes,” said Mehul Gandhi, CEO, RARC.
Credgenics raised $50 million in August in a Series B funding round led by Westbridge Capital and Accel. It has raised $78 million in total and is valued at $340 million, shows data from market intelligence platform Tracxn.
Founded in 2019, the company provides debt recovery technology solutions to banks, non-banking financial companies, and digital lending firms. It handles 11 million retail loan accounts and sends 60 million digital communications every month, said the statement.