Mumbai-based software startup Moneytor, that automates the process of debt retrieval, has raised an undisclosed amount from 500 startups and some other investors including es Bank-backed accelerator ISME ACE.
With the newly acquired funding, Moneytor will try to automate all the debt collection processes.
Moneytor was incorporated in June 2017 by Ayush Srivastava and Anubhav Singh with a view to making it easier for financial institutions to collect loans from defaulters. If any person fails to pay any of his installments, the software starts a settlement process which gives a debtor number of terms to comply with his or her obligation. Its platform is capable of automating the task of communication with the load defaulters as well as the recovery processes through a decision-making engine that suggests recourse on a case-to-case basis.
It is difficult for a lot of financial organisations with business receivables to retrieve debt from defaulters and keep a consistency in communication at the same time. The problem is even more severe when the job is outsourced to a third party agency. By using various machine learning and proprietary algorithms, the company has tried to improve the loan recovery rates and tried to relieve the currently fragmented stressed receivables market.
The company says that it has managed to automate all the agent related processes ensuring that no ad-hoc messages are being sent to customers and consistency in communication is maintained. There is also a feature that comes with their platform that enables clients to compare the performance of agents with automated communication.
Moneytor was among the 15 startups in the 2017 edition of Oracle’s Startup Cloud Accelerator Programme held in Bengaluru, Mumbai, and Delhi. It was also a part of the first cohort of Fintech Valley Accelerator Programme which was in association with ICICI Bank and Mahindra Finance as corporate partners and Microsoft as the technology & acceleration partner.