Established in 2017, Credgenics is a SaaS-based end-to-end debt recovery platform. Presently, over 50 lenders are using the platform, which includes seven banks with notable names like ICICI, Axis, and HDFC and more than 40 NBFCs, such as LoanTap, Drip Capital, Udaan, among others. In the last three years Credgenics has managed to grow MoM from 80–100 per cent. The startup has raised Series-A round funding, with Tanglin Venture Partners and Westbridge Capitals being the main contributors, with participation from the existing investor Accel Partners; the valuation has now reached to US$ 100 million. Credgenics has also on-boarded more than 2200 lawyers and collection-partners, apart from building a solid team of more than 150 enthusiasts and experts.

In the good old days of banking, your chances of getting a loan often depended on how well you knew the bank manager and your reputation as a trustworthy customer. Banks were reluctant to lend to those who posed a credit risk or lacked credit history, and thus being unable to repay loans. Banks, as far as possible, tried to minimise loan defaults and get into an arduous debt recovery process. Since the turn of the century, however, the banking and financial industry has evolved and innovated in ways not seen before. The emergence of fintechs -- especially digital lenders and financing startups -- has made the disbursal of all kinds of loans so easy that you can now obtain a personal or an unsecured loan at the click of a mouse.

AI works to overcome the limitations of existing, antiquated database systems, through increasing automation and providing compliance management to its users. Furthermore, AI applications focus on productivity and efficiency; they determine the most effective communication method for each debtor, and use machine learning tools to predict and analyse customer behaviour (more on machine learning below). The overall impact is debt recovery and collection is streamlined as a process. The traditional process of debt collection via a human workforce can be incredibly labour intensive, and therefore expensive. Company's collection departments place calls, send emails manually, and manage accounts by updating databases by hand.