CreditNirvana is an Artificial Intelligence-driven debt management platform and Digital collection services, which is a Bengaluru-based fintech. It has raised an undisclosed amount from institutional investors in New York in pre-series A funding. Presently, CreditNirvana handles over 4 million customers and about 5 billion existing receivables, which includes Fortune 500 financial institutions and medium-sized companies. The funding helps for the global expansion of the company. This new Artificial Intelligence-driven debt management platform, controls and monitor the use of unstructured data available from different sources and accomplish the first digital personalized debt management through a multilingual AI conversational engine, it is possible to automatically execute personalized follow-up actions with customers rather than predicts and pre-empt delinquencies.
Raj, Co-founder CreditNirvana said that their focus is to be global leaders in redefining and transfiguring debt management practices by changing from a reactive and manually driven collection practice towards algorithmic and digitally driven pro-active operations. The traditional method of the scorecard-based debt collection process, which uses simple statistical models is reactive in nature and the use of these conventional methods results in creating defaults and complicated NPL’s. They aim to make it a better experience by making use of advanced technology including a plethora of unstructured data and machine learning to support both the lenders and borrowers, he added.
CreditNirvana platform has a wide variety of features and facilities which includes a Machine Learning-Driven early warning engine, loan monitoring engine, Robo collection engine, and algorithm-driven collection and legal management system. RoboCollect is the most popular product offered by the company. It is a special feature that allows continuous customer involvement in their preferable communication channel, language, date, and time. CreditNirvana is founded by Raj MKK, Raj Partha, and Vijay Anand. It was being led and supervised by several Ivy League alumni and serial entrepreneurs. The main motive behind the initiative is to transform conventional debt management practices by focusing on the customer journey of leveraging unconventional data and digital technologies. With the developments and advancements in technology, the company aims to spread its boundaries through its global expansion program andcontinuing with effective and advanced debt collections.