Canadian startup Symend raises growth funding to digitally transform engagement experience for at-risk customers and expand operations in Canada and the U.S.
Symend, a customer engagement platform designed to engage and retain financially at-risk customers secured $52 million funding led by Canadian venture capital firm Inovia Capital, with participation from Ignition Partners, Impression Ventures, BDC Capital’s Women in Technology Fund, Mistral Venture Partners, and angel investor Markus Frind.
Launched in 2016, Symend has transformed the debt recovery industry by incorporating behavioral science with advanced AI, machine learning, and analytics capabilities. The startup’s digital engagement platform offers insights into at-risk customers and provides unique strategies to help enterprises to digitally engage with customers with empathy and positivity. Symend has helped 10 million at-risk customers and strives to treat 100 million customers by the end of 2020.
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Talking exclusively to Toolbox, Symend Co-founder and CEO, Hanif Joshaghani, said, “One of the best ways to change the experience of at-risk customers is to transform the way companies engage with their consumers. If you can humanize the engagement process and treat individuals based on their needs, the likelihood of retaining that customer and helping them get to a better place increases dramatically.â€
The company will use the fresh funds in the development of its digital engagement platform, expand global footprint and into new verticals, and widen its team across Candian and US operations.
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“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,†added Tiffany Kaminsky, Co-Founder, 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,†said Inovia Capital Partner Dennis Kavelman.
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