Debt collection software startup Credgenics gets $50M
Credgenics, a debt collection software startup based in India, raised $50 million at a valuation of $340 million, the company announced Wednesday.
Why it matters: Debt collection and repayment startups are getting above average attention as the threat of recession continues to loom over the economy.
Details: Credgenics' software helps banks and financial companies automate the collections process, and provides collections analytics, payments, and litigation management.
- Investors in the round include Westbridge Capital, Accel, Tanglin Ventures, and Beams Fintech Fund.
- The company was last valued at $100 million in 2021, per DealStreetAsia.
State of play: Based on CBInsights data, fintechs averaged $15.4 million per funding round in the first half of this year — putting Credgenics' round a cut above most.
- But it's not the only one in the debt collection and repayment space to gather a larger round of funding.
- Health care bill collections startup Collectly last month gathered $29 million in Series A funding.
- Debt repayment business Clerkie snapped up $33 million in Series A funding in April.
- Symend, a debt resolution company, raised $42 million led the round by Inovia Capital in November.
- In October, private equity firm Pollen Street Capital invested in Pair Finance, a Berlin-based startup in the space.