Symend, a leading customer engagement platform designed to better engage, treat, and retain financially at-risk customers, has announced a $52 million USD raise 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.
“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,” said Hanif Joshaghani, Co-Founder and CEO of Symend, in a news release.
“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,” said Tiffany Kaminsky, Co-Founder and Chief Strategy Officer.
Symend said it will be using the money raised to invest heavily in development of its digital engagement platform, expand into new verticals and geographies, and grow the team across Canadian and US operations.
Symend said its service offering centers around enabling the science of engagement through technology. Enterprise organizations such as service providers, financial institutions, and utilities can digitally interact with their at-risk customers with empathy, while building lifelong value for the company and the brand. 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, it said.
“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.