A company that is building a platform for creditors to automate processes for collecting on unpaid debts using artificial intelligence and machine learning has announced that it has raised an additional $42 million, bringing the total amount it has raised to $140 million.
Exactly how the company’s platform works may be purposefully vague and prefer to use “jargony buzzwords” instead of more straightforward explanations, Symend did say it is working with financial institutions, alternative lenders, utilities, and the majority of telecom companies in North America.
The platform identifies when individuals are having problems paying their bills and allows companies to engage with those individuals with ideas and offers to help them avoid becoming delinquent or going into default. Options like payment plans and settlement discounts can be offered or information about budgeting, financial planning, or credit repair organizations can be shared to help individuals from going into debt. The messages that Symend sends to individuals are “hyper-personalized” according to one of the company’s founders and the platform can help companies solve complex problems.
“As delinquency rates rise and customers increasingly grapple with digital fatigue, more businesses require a solution, like Symend, to recover revenue, reduce operating expenses and drive client retention,” said Hanif Joshaghani, the chief executive of Symend, said in a statement. “As we continue to efficiently grow and evolve, we are committed to using our purpose-built technology and solution to deliver what companies across the globe need right now – cost-savings, high return-on-investment and improved customer satisfaction and loyalty.”
Back in 2020, the company — based in Canada — announced it had raised $52 million to help fund its expansion, including moving into the U.S. market.