Mumbai-based Moneytor, a software startup that automates the process of debt collection from defaulters, has raised an undisclosed amount from 500 Startups, Yes Bank-backed accelerator ISME ACE and some other angel investors.
With the seed fund, Moneytor is looking to automate and digitise all the processes related to debt collection, and defaulters, reports Mint.
Incorporated in June 2017 by Ayush Srivastava and Anubhav Singh, Moneytor is a SaaS (software-as-a-service) product, which helps financial institutions better manage collections from loan defaulters. A default on repayment of loan initiates a settlement process where the debtor is offered various terms to meet his or her obligation.
Moneytor’s platform, offered to both lenders and collection agencies, automates the recovery processes through a decision-making engine that suggests recourse on a case-to-case basis and even automates the communication with defaulters.
The startup leverages machine learning and proprietary algorithms to make the currently fragmented stressed receivables market more efficient by improving default recovery rates.
Moneytor claims to automate all agent-related processes, ensuring that a consistency in communication is maintained and there are no ad-hoc messages being delivered to consumers.
Utilizing the platform, clients can also comprehensively compare the effectiveness of their communication and the performance of agents, against each other, it added.
Moneytor was also selected for 2017 edition of Oracle’s accelerator programme, which announced a new batch of 15 startups under its Startup Cloud Accelerator Programme in Bengaluru, Mumbai, and Delhi.