Credgenics, a cutting-edge debt recovery technology solutions, has unveiled a new version of its debt recovery platform for Asset Reconstruction Companies (ARCs), which is now successfully onboarded by Reliance Asset Reconstruction Company.  

The company said in a statement that the solution aims to empower ARCs with comprehensive digital and insights-driven capabilities for more efficient debt resolution in retail and SME segments. 

“Credgenics SaaS-based collections technology platform offers a spectrum of innovative solutions designed exclusively for ARCs to ensure efficient debt collections, superior borrower experience, and swift regulatory compliance,” the company claimed.   

It uses the AI / ML models to help ARCs evaluate the effectiveness of communications and realign outreach strategies to boost recoveries. The platform provides advanced policy monitoring to ensure regulatory compliance for both the collection agencies and in-house teams working with the ARC. The automated trust settlement capabilities provide seamless reconciliations and customisable legal workflows for SARFAESI, legal notices, and other legal actions for enhanced resolutions.  

The integrated mobile-based collections app digitises field recoveries with unique capabilities, including automatic case allocations, geo-tracking, geo-fencing, visit recording, and digital payments.   

Credgenics secured $50 million in a Series B funding round led by Westbridge Capital and Accel in August, bringing its total funding to $78 million. The company, founded in 2019, offers debt recovery technology solutions to banks, non-banking financial companies, and digital lending firms.  

With a valuation of $340 million, the start-up manages 11 million retail loan accounts and sends 60 million digital communications monthly, according to data from market intelligence platform Tracxn.