Symend raised $42 million in growth capital round

Symend is a company that uses artificial intelligence and machine learning to help with debt resolution for various industries, including telecommunications, banking, and utilities. It recently raised $42 million in a growth capital round, bringing its total capital raised to $140 million. This funding will likely be used to help the company build and improve its debt collection system, which utilizes AI and machine learning.

The company recently raised $42 million in a growth capital round, which was led by Inovia Capital and included participation from Impression Ventures, Mistral Venture Partners, BDC’s Growth Venture Co-Investment Fund, BDC Capital’s Women in Technology Fund, Plaza Ventures, and EDC. This funding brings Symend’s total capital raised to date to $140 million, as per symend 42M series inoviawiggerstechcrunch.

The purpose of this latest funding round is likely to help Symend build and improve its debt collection system, which utilises AI and machine learning. It may also be used for other purposes such as expanding the company’s operations or developing new products and services.

According to Joshaghani, they  have maintained and will keep maintaining a very cautious balance sheet profile.” “This most recent infusion of growth funding enables them to satisfy the rising demand for their behavioural engagement technology globally. For many businesses, now is not the best time to seek finance, but for Symend, it was because of the growing demand for their product and the expanding white space that the market’s realities have given them to fill.

A Bankrate.com study dated September 2021 found that 42% of American individuals with credit card debt have raised their debts since the pandemic began in March 2020. The Federal Reserve Bank of New York projects that total household debt would reach $16.51 trillion in Q3 2022, $2.36 trillion more than it did at the end of 2019.

Almost all debt types, including mortgages and auto loans, saw an increase in the percentage of current debt that became late, according to a report by the New York Fed. But the United States already had a problem with past-due debt before the Covid crisis and crushing inflation hit. ACA International  reported in a 2016 whitepaper that in the previous five years, debt increased from $150 billion to more than $600 billion. Collection companies, who keep 20% to 50% of money collected, had a 7% yearly success rate during the same time period.

In conclusion

With the additional $42 million in funding, Symend is well-positioned to continue creating AI and machine learning solutions that will automate debt resolution processes for multiple industries. Its total funding of over $140 million is a testament to the confidence investors have in the company and its technology. Symend’s mission to help people resolve their debts has attracted significant talents backed by major venture capital funds, so we can expect some interesting developments from this innovative company in the coming months – ones which could go a long way towards improving financial security around the world.

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