Beams Fintech Fund, a growth-stage fintech fund, has made an undisclosed investment in a Series B funding round of $50 million for Credgenics, a prominent Indian debt collection SaaS platform. The funding was conducted in collaboration with Westbridge and Accel, while other investors like Tanglin, Tital Capital, and DMI Finance have also supported Credgenics. Established in 2018 by Rishabh Goel, Anand Agrawal, and Mayank Khera, Credgenics is redefining debt collection practices in India, especially as lending processes shift to instant, digital, and rapid modes. With an increase in lending volumes and the rise of instant loans with smaller amounts.

The efficiency of debt collection becomes a crucial concern. Credgenics is actively contributing to the digitization of debt collection operations, bridging gaps in the process.Credgenics has already partnered with over 100 customers in the BFSI sector, including banks, NBFCs, and fintech companies. The platform has managed 40 million retail loans and sends out 60 million digital communications monthly. It claims to have increased resolution rates by 20%, improved collections by 25%, reduced collection costs by 40%, minimized collection time by 30%, and enhanced legal efficiencies by 60%.

Beams Fintech Fund plans to leverage its network and ecosystem of limited partners (LPs), which includes major banks and NBFCs, to collaborate with Credgenics. By connecting LPs and portfolio companies, Beams aims to provide access to its banking network and a portfolio of over 250 startups for potential partnerships, collaborations, and even acquisitions for Credgenics.“Credgenics is a market leader today in collections plug-and-play SaaS space. Rishabh, Mayank, and Anand have productized the problem of collections for FIs and have used a first principles approach towards building the platform and providing a unique solution for FIs. We are delighted to partner with Credgenics and see a clear path to a huge revenue market for the company,” Agarwal said.

Anand Agrawal, Co-founder and CPTO of Credgenics, said, “We are thrilled to welcome Beams Fintech Fund as a new investor in our Series B round. This infusion of capital will serve as a catalyst for propelling our next phase of growth in the Southeast Asia region and powering new developments in the product." “We are focused on ushering in a new era of debt collections through innovation and rapid adoption of digital technology. With our collections platform, we are committed to empowering individuals and businesses worldwide to simplify the management of debt resolutions”.