Canada-based Symend, a company that helps utilities and financial service providers with identifying and assisting customers who may be struggling to pay their bills, has secured $52 million in funding through a Series B investment round led by Inovia Capital.
Other investors in the firm’s round include BDC Capital Inc., Ignition Partners, Impression Ventures, Mistral Venture Partners, and angel investor Markus Frind.
Calgary-headquartered Symend offers a white-label online engagement platform that uses the latest AI and advanced behavioral science to assist businesses with identifying at-risk customers. The Fintech firm’s software provides key insights into people’s financial situation and spending habits or behavior.
Symend’s proprietary software offers “evidence-based” advice and guidance in order to create and support unique treatment strategies, which ensure that clients are treated with empathy and are able to make regular payments, while also being able to continue working with the company.
Symend’s management claims that the company has assisted more than 10 million at-risk customers (to date). It’s also on track to help around 100 million by the end of this year.
The capital raised will be used to further develop and enhance Symend’s existing products. The funding will also help the firm expand into other verticals and jurisdictions.
Symend is currently focused on building out its professional team in the US and Canada.
Hanif Joshaghani, CEO at Symend, remarked:
“We created Symend to help individuals who have fallen behind on payments with understanding at a time when they need it most. Our solution transforms how companies think about and interact with at-risk customers.”