Symend raises $52 million
Symend, the Canadian company that’s “scientifically transforming the debt recovery industry by treating individuals with empathy and dignity,” has raised $52 million in a funding round led by global technology venture firm Inovia Capital, with participation from a consortium of investors including Ignition Partners, Impression Ventures, BDC Capital’s Women in Technology Fund, Mistral Venture Partners, and angel investor Markus Frind.
Founded in 2016, Symend’s white-label digital engagement platform combines behavioral science, AI, and machine learning to deliver deep insights into the customer’s situation and behavior, providing evidence-based recommended actions. It enables enterprise organizations such as service providers, financial institutions, and utilities to develop positive, individualized treatment programs that result in higher “cure rates” and reduced costs while building relationships with customers and “lifelong value for their brands.” Symend replaces legacy collection techniques to realign the objective from short-term recovery to long-term relationships, and its research confirms that positively engaged customers are more apt to pay in full and to self-treat and, are more likely to stick with the provider or financial institution over the long run.
Symend has “treated” over 10 million at-risk customers to date through their digital engagement platform and is on track to treat 100 million by the end of 2020.
“We created Symend to help individuals who have fallen behind on payments and treat them with understanding at a time when they need it most. Our solution transforms how companies think about and interact with at-risk customers.” – Hanif Joshaghani, cofounder and CEO of Symend.
“Symend is not collections; we are in the business of helping consumers. Not only are we developing a world-class platform, but I’m proud to say that we are applying the sciences to support our mission of creating positive social change.” – Tiffany Kaminsky, Symend’s cofounder and Chief Strategy Officer.
“We’re impressed with Symend’s commitment to providing at-risk consumers with greater flexibility when it comes to meeting their financial obligations and protecting their credit. We invested in this great founding team because we value their openness, tenacity, and ability to deliver solutions for this critical problem.” – Inovia Capital Partner Dennis Kavelman.
“Symend is exactly the kind of tech startup success story that Calgary is proud to champion. Not only are they delivering an innovative solution to the marketplace, but they are also actively leveraging our community’s rich and diverse talent pool as they expand their operations here. This is a win all around for Calgary and an inspiration for other local innovators and entrepreneurs.” – Mary Moran, President and CEO for Calgary Economic Development.