CanPe, a Bengaluru-based digital-first intelligent debt collections platform, has raised seed funding led by Axilor. The round also saw participation from Yatra Angel Network, Manipal Technologies, and BetaPlus Capital Partners. Prominent angel investor Natarajan Ranganathan also participated in this round.
According to the startup, 23 percent of all lending is now digital and 40 percent of all small-ticket loan originations are by new-age fintech participants. On the flip side, the share of subprime loans has crept up dramatically, and delinquencies have risen five-fold. CanPe's comprehensive digital engagement and debt collection platform 'ICanPe' claims to address these gaps. ICanPe implements a science-based approach that enhances collections while bringing transparency and efficiency to the lender's processes.
Arindam Choudhury, Founder and CEO of CanPe, said,
“This funding comes at the right time when CanPe's debt collections platform ('ICanPe') is experiencing exponential adoption by financial institutions. We are executing an ambitious product roadmap that aims to inject substantial degrees of intelligence and technology into the collections process. Our vision is to become the intelligent collections operating system of the entire lending industry and beyond.”
Arindam is an IIT-K alumnus with a PhD in machine learning and computational sciences. Before starting CanPe, Arindam has spent over 18 years in the analytics and data science industry in various leadership roles in products and innovations, analytics R&D, solutions, and account management.
The startup currently works with marquee NBFC and fintech lenders. It claims to have successfully commercialised its first deployment within 15 days of initiating its first POC. Since then, their collections under management have grown over eightfold in less than six months. The company is also in advanced talks with several prominent lenders for credit management solutions across a spectrum of asset classes.
“We strongly believe that iCanPe's digital-first borrower-centric debt collections approach serves as the right force multiplier to address the burgeoning "bad debt" problem – through its operating system for collections for lenders. iCanPe is the missing link in the digital lending ecosystem,” added Adithya Bharadwaj who led the investment at Axilor.
The funds shall be used to accelerate product innovation, strengthen the SaaS platform, and expand the sales and marketing footprint.
“We are excited to join ICanPe, solving the debt recovery problem by building the next generation Debt Recovery-As-A-Service (DRAAS) platform that is both: intelligent and empathetic,” said Abhishant Pant, Yatra Angel Network.
Edited by Megha Reddy
Link : https://yourstory.com/2021/07/funding-alert-debt-collections-platform-canpe-axilor-ventures
Author :- Sujata Sangwan ( )
July 08, 2021 at 08:00AM
YourStory