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[Funding alert] Debt-collection software program maker Prodigal raises $12M led by Menlo Ventures

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California-based Prodigal, which gives software program for mortgage servicing and assortment, on Thursday introduced a $12 million Collection A fundraise led by Menlo Ventures.

Collaborating and present traders, together with Accel, Y Combinator, and MGV, and lending trade veterans like Eric Sage (COO, Plaid), Anand Joshi (ex-American Specific), and Nicholas Hinrichsen (CEO, Carlypso), additionally joined the spherical. 

This new funding will permit Prodigal — which has its engineering division in Mumbai — to increase its suite of clever workflow and optimisation merchandise that allow purchasers to spice up productiveness, higher serve prospects, and drive the underside line.

With an 8X development within the final yr, Prodigal may even concentrate on increasing its group. It should develop the India group four-fold within the subsequent 12 months throughout engineering, product, and go-to-market capabilities.

Founders (L-R): Sangram Raje and Shantanu Gangal

“Prodigal turns interactions into insights. These standardised and structured insights flow between stakeholders like loan originators, capital providers, agencies, and customers. This improves the speed and transparency of decision making; delivering a customer-first experience while decreasing cost of loan operations,” stated Shantanu Gangal, CEO and Co-founder, Prodigal.

“Lenders lose about a third of their time to routine tasks like filling out paperwork or following up with customers after calls. 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.

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The startup’s choice engine claims to assist purchasers maximise restoration charges, optimise operations, and minimise compliance dangers whereas teaching brokers on bettering buyer communication.

Prodigal has analysed over 15 million mortgage accounts thus far. It claims to have helped purchasers enhance productiveness by as a lot as 30 p.c and get rid of 98 p.c of compliance errors, delivering a 2.5x return on funding. 

“Over the past 10 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,” stated Croom Beatty of Menlo Ventures.

Prodigal was based in 2018 by IIT Bombay graduates Shantanu Gangal, Saransh Garg, and Sangram Raje. Nonetheless, Saransh parted methods in 2019 and launched Nova Advantages, an worker advantages platform centred round company medical insurance, in 2020.

As a part of Y Combinator’s 2018 summer time batch, Prodigal had raised seed funding from the US incubator in the identical yr.

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