Chhavideep Singh
Source: F6S
CreditNirvana is an Artificial Intelligence-based debt collection platform that has recently announced to have raised an undisclosed amount of funding in its latest pre-Series A round from multiple institutional investors based in New York.
The Bengaluru-based start-up leverages Machine Learning and Artificial Intelligence technology in order to drive its data management and digital collection services.
According to Entrepreneur, when asked about the latest funding, the company mentions utilising these freshly acquired funds to contribute towards its development in the global market.
Raj MKK, co-founder, CreditNirvana says that the company aims to become world-leaders in data management and transfiguration practices by shifting their focus from the traditional manual and reactive data collection practice towards AI-based, digitally leverages algorithmic pro-active operations.
CreditNirvana helps fortune 500 companies and Medium enterprises in executing personalised debt collection processes by leveraging the power of Machine Learning and Artificial Intelligence. The company is in association with HDFC Limited, Toyota Financial Services Limited among many others and claim to have benefited these financial institutions through their digital-first debt collection digital services.
Furthermore, the company offers a wide variety of services including early warning engine, Robo collection engine, loan monitoring engine, legal management system and algorithm-based debt collection. All of these mentioned services are driven by the company’s Machine Learning capabilities.
CreditNirvana was founded last year in 2019 by Partha R and Raj MKK under the legal name, Statlabs Analytics Ventures Private Limited. The company claims to have over 4 million customers and USD 5 billion existing receivables, according to Entrepreneur.
MKK mentions in a statement that it would be an understatement to say that CreditNirvana is lightyears ahead in its technology for legacy practices in debt management that have been validated by their major clients who are marquee investors across the globe.
The company explicitly mentions its intentions for the brand which is to transform conventional and old school debt collections methods which were more or less handled manually to focusing entirely on Machine Learning technologies and harnessing the power of Artificial Intelligence to automate debt collection and make significant advancements in the debt management sphere of the global ecosystem.
As mentioned before, with these freshly acquired funds, CreditNirvana wants to engage in global expansion through its dedicated program. Technology and businesses are integrating at a pretty high rate and the debt collection company wants to make sure that it continues to provide advanced and effective data collection to its clients and customers.