Symend, a Canadian startup that helps companies such as financial institutions and utilities identify and assist customers struggling to pay bills, has raised US$52 million in a Series B funding round led by Inovia Capital.
Ignition Partners, BDC Capital Inc., Impression Ventures, Mistral Venture Partners, and angel investor Markus Frind joined the round for Calgary-based Symend.
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 says it has treated over 10 million at-risk customers to date and is on track to treat 100 million by the end of 2020.
The funding will be used develop Symend's platform and expand into new verticals and geographies while building out the firm's team in Canada and the US.
Hanif Joshaghani, CEO, Symend, says: "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."