AI-Based Debt Management Platform CreditNirvana Raises Funding In Pre-Series A Round
The startup aims to work on its global expansion with the funds
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Bengaluru-based fintech startup CreditNirvana, offering artificial intelligence (AI)-driven debt management platform and digital collection services, on Monday announced to have raised an undisclosed amount in a pre-Series A funding from institutional investors in New York.
The funding raised is expected to contribute towards its global development in the market.
"We aim to be worldwide leaders in redefining and transfiguring debt management practices by shifting focus from a reactive and manually driven collection practice towards algorithmic and digitally driven pro-active operations," said Raj MKK, co-founder, CreditNirvana.
The company claims to provide an AI algorithm-driven end to end debt management platform and services that leverages extensive use of unconventional data from various alternate sources and executes digital-first, personalized debt management services through its proven AI-based platform. The platform not only predicts and pre-empt delinquencies but also automatically executes personalized follow-up actions with customers through a multilingual AI conversational engine.
"Conventional behavioral scorecard-based debt collection process using simplistic statistical models are reactive and approaching debt collection through traditional methods usually results in accumulating defaults and spiraling NPL's We aim to transform this experience by making use of a plethora of unstructured data and machine learning to bring in successful results that have proven to be effective for the benefit of both the lenders and borrowers," MKK explained.
Working with Fortune 500 financial institutions and medium-size companies, the startup knobs over 4 million customers and about $5 billion existing receivables.
"We provide our clients with substantial value in a very short period of time. It wouldn't be an understatement to claim that CreditNirvana is light years ahead of the legacy practices in debt management that have been tested and validated by our various marquee clients across the globe," he further added.
The platform displays a wide variety of features and services including machine learning (ML)-driven early warning engine, loan monitoring engine, Robo collection engine, and algorithm-driven collection and legal management system. A largely popular system offered by the company is RoboCollect, a feature that allows continuous customer engagement through their preferred communication channels, language, date, and time.
The company maintains that the main motive behind its establishment is to transform conventional debt management practices by focusing on the entire lifecycle of a customer leveraging unconventional data and digital technologies. With increasing advancements and adaptability, the startup further aims to widen its boundaries through its global expansion program and continue providing effective and advanced debt collection.