Credgenics targets Vietnam after $50 million Series B round

According to Nikkei Asia, this inflow pushes the company's valuation to an impressive $350 million, a sizable leap from the $100 million tag in its 2021 Series A round.

Founded in 2019, Credgenics offers an innovative blend of loan collection and legal automation. The company boasts collaborations with top-tier financial entities, including ICICI Bank and HDFC Bank, focusing on bolstering returns on troubled debts.

Fresh off its recent achievement of operational profitability, Credgenics reported revenues of $12.1 million for the fiscal year 2022-2023. Their expanding global footprint is evidenced by offices across India, Jakarta, Singapore, and forthcoming plans in Vietnam.

The firm stated that its 2023 operations touched an expansive loan portfolio valued at $60 billion.

The firm stated on its website, “Loan management software was once just focussed on underwriting, while debt recollection relied on aggressive agents, phone calls that never connected, and long legal battles. We have seen the impact improved collection strategies can make–not just for lenders, but for the economy."

‍Since its founding, the firm has enabled more than 100 banks, fintech outfits, and asset reconstruction companies to increase resolution rates by 20 per cent, improve collections by 25 per cent, reduce collection costs by 40 per cent, and time spent on collection by 30 per cent, and improve legal efficiencies by 60 per cent.

Credgenics handles more than $47 billion of retail loan book value and more than $6 billion of delinquent stage retail loan book value. It manages at least $40 million in retail loans and sends over $60 million worth of digital communications every month.

The fresh capital injection is earmarked for product enhancement, global outreach, and making deeper inroads into the broader financial services landscape.

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