CreditNirvana, a Bangalore based fintech startup offering AI-driven debt management platform & Digital collection services, has raised an undisclosed amount in pre-series A funding from institutional investors in New York, USA.
Mr. Raj MKK, Co-founder, CreditNirvana
Working with Fortune 500 financial institutions and medium size companies, CreditNirvana right now handles over 4 million customers and about $5 billion existing receivables, the funding is expected to contribute towards CreditNirvanas global expansion in the market.
The company provides and an Ai algorithm-driven end to end debt management platform & services that leverages extensive use of unconventional data from various alternate sources & executes digital-first, personalized debt management services through its proven AI 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.
“We aim to be worldwide leaders in redefining and transfiguring debt management practices by shifting focus from a reactive & manually driven collection practice towards algorithmic and digitally driven pro-active operations. 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 spiralling NPLs 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
He further added, “We provide our clients with substantial value in very short period of time. It wouldnt be an understatement to claim that CreditNirvana is light years ahead of the legacy practices in debt management that has been tested and validated by our various marquee clients across the globe.”
CreditNirvana displays a wide variety of features & services including 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.
Founded by Raj MKK, Raj Partha and Vijay Anand, CreditNirvana is being led and composed of several Ivy League alumni and serial entrepreneurs. 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 & digital technologies. With increasing advancements and adaptability, the company aims to widen their boundaries through their global expansion program and continue providing effective and advanced debt collection.