AI FinTech startup, CreditNirvana secured Pre-series A Funding Round

CreditNirvana, a Bangalore based financial Technology startup has now secured an undisclosed amount in the pre-series A funding round, reports BusinessWorld.

CreditNirvana is founded by Raj in the year 2019. It helps organizations in executing an empathetic and personalized collection process using Artificial Intelligence and Digital Technologies.

Mr. Raj, Co-founder, CreditNirvana, said, "We aim to be worldwide leaders in redefining and transfiguring debt management practices by shifting focus from a reactive & manually driven collection practice towards algorithmic and digitally driven pro-active operations. Conventional behavioral scorecard-based debt collection process using simplistic statistical models are reactive and approaching debt collection through traditional methods usually results in accumulating defaults and spiralling NPLs."

He further added, "We aim to transform this experience by making use of a plethora of unstructured data and machine learning to bring in successful results that have proven to be effective for the benefit of both the lenders and borrowers. We provide our clients with substantial value in very short period of time. It wouldnt be an understatement to claim that CreditNirvana is light years ahead of the legacy practices in debt management that has been tested and validated by our various marquee clients across the globe."

The funding round was backed by institutional investors in New York, USA.

The company as of now has plans to use the new funds towards the global expansion in the market. CreditNirvana is working with Fortune 500 medium-size companies and handles more than 4 million customers.