500 Durians, connected to 500 startups is one of the most active seed investors in the region of Southeast Asia. They have just announced, recently that they will invest into an Indian Fintech startup, Moneytor. This startup allows for automated debt collection for lenders in India, which has raised a large amount of funding from 500 Durians, the Southeast Asia-focused early-stage fund managed by Silicon Valley investor 500 Startups.
Fintech accelerator ISME ACE and prominent angel investors, including Citrus Pay and Cube Founder Satyen Kothari and former executives of Dun & Bradstreet, also joined the round.
The money invested will be used to expand the tech and product development and hire more people to the team.
“Post our initial pilots with leading lending platforms, we shall be developing a couple of other modules to ensure we can provide complete collections solutions as a service to our clients,” said Moneytor Co-founder Anubhav Singh.
This unique and innovative startup will process all related debt collection and keeps track of consumer and organizations by monitoring them through a dashboard. Moneytor will use an Artifical Intelligence - powered system. They can automate all their defaulter communication based on the response of the consumer, using chatbots.
“Moneytor is a new-age debt collection platform, where the road to recovery is customised for each consumer, basis their response to communication sent on behalf of the lender. We further automate all agent-related processes, ensuring that a consistency in communication is maintained and there is no ad-hoc messages being delivered to consumers. Utilising the platform, our clients can also comprehensively compare the effectiveness of their communication and the performance of agents, against each other,” said Co-founder Ayush Srivastava.
500 Startups’ Venture Partner Shalini Prakash said: “Moneytor’s automated debt- collection and recovery product solves a big pain point for all financial institutions. By adopting digital channels and predictive analytics, they are tackling a widespread problem for the industry.”
“Lending has three key pillars – assessment, disbursal, collections. Having seen a range of credit companies launching across various segments, it is clear that Moneytor will play a critical role in the third pillar, and arguably the most critical one – collections enablement. This is what got me and my expert financial-industry investor-group excited about backing Moneytor and the strong founding team,” said Kothari.
Moneytor is currently operational or in various stages of deployment with several non-banking financial companies (NBFCs), lending platforms and organizations with business receivables.
For more information on this innovative startup follow the link below.