Headquartered in California, USA, AI startup Prodigal secured a fundraise of US$ 12 million in Series A funding from Menlo Ventures on July 22, 2021. It is an info-tech startup that offers software for lenders to upgrade their work and communication with borrowers from collection agencies with insights from fundamental customer interactions from agents to AI solutions.
The funding round saw the participation of existing investors Accel, Y Combinator, MGV, and lending industry veterans like Plaid COO Eric Sager, Carlypso co-founder Nicholas Hinrichsen and former American Express executive Anand Joshi also partook in the venture round.
Co-founded by Sangram Raje, Saransh Garg and Shantanu Gangal, the four-year-old finance startup Prodigal helps customers gain insight into primary customer interplays and offload monotonous tasks from agents are dealt with AI solutions built by Prodigal.
The company’s consultancy service helps lenders maximise recovery rates, optimise operations, and limit compliance risks while instructing agents on improving customer interaction. In the course of analysing more than 15M loan accounts to date,
Prodigal claims to have helped clients improve productivity by 30% and reduce 98% of compliance errors, giving a 2.5x return on investment. Fundbox, Sequium, PennCredit, Unifin and Vital Solutions are among its notable clients.
The California-based startup plans to utilise the fundraise to extend its suite of intelligent workflow, expand its workforce and optimize products that facilitate clients to raise their productivity and fully serve customers.
Based in Mumbai and headed by Raje is Prodigal’s R&D team. The startup also intends to increase its Indian unit over various capacities, including engineering, product and go-to-market and four-fold over the next year.
What the CEO has to say
“Prodigal turns interactions into insights. These standardised and structured insights flow between stakeholders like loan originators, capital providers, agencies and customers. It improves the speed and transparency of decision making, delivering a customer-first experience while decreasing the cost of loan operations. Lenders lose about a third of their time to routine tasks like filling out paperwork or following up with customers after calls,” said Shantanu Gangal, CEO & co-founder at Prodigal. “Prodigal automates many of these processes, freeing up an enormous amount of time for agents to focus on the human side of their interactions with customers,” he added.
What the Investors have to say
Croom Beatty from Menlo Ventures, said, “Over the past ten years, the vast majority of innovation in lending has focused on customer acquisition and underwriting, but the actual post-funding interactions with customers remain entirely manual, leading to mediocre customer experiences. We’re excited to see Prodigal automate some of these busted workflows.”
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