Symend, a Canadian startup that helps companies such as financial institutions and utilities identify and assist customers struggling to pay bills, has raised US$43 million. The funding - a Series B+ that tops up a May 2020 US$52 million Series B - was led by Inovia Capital.
Symend's white-label digital engagement platform uses behavioural science and AI to help firms identify at-risk customers, offering insight into their situation and behaviour. It then provides evidence-based recommended actions to help create unique treatment strategies that promise to ensure that customers are both treated with empathy and are more likely to be able to make payments and stick with the company.
The firm already works with two-thirds of the major telecommunications providers in North America and is also serving a multinational bank. Flush with funding, it is now planning to grow its client roster, including in financial services, and to expand in the Asia Pacific, Latin American and Emea markets.
Hanif Joshaghani, CEO, Symend, says: “Given the challenges that service providers have faced during the pandemic, we are seeing a massive uptick in enterprises that are committed to investing in solutions that will ensure they are better prepared for the future, better the lives of their customers, and drive better business results for their core operations during both good and challenging times.”