Credgenics drives collection digitization at Credit One Payments, enabling credit availability for fleet MSMEs

Credgenics and Credit One Payments

Credgenics, the leading SaaS-based debt collections platform provider, and Credit One Payments, a leading Non-Banking Financial Company (NBFC) catering to the expense management needs of fleet MSMEs, announced that end-to-end digitization of collections is powering the lender’s next level of efficiencies in credit processing. Credgenics’ creative and digital-first approach has assisted Credit One in increasing its Credit Approval Ratio by 40% and reducing its Net Credit Loss by 20%.

Credit One serves the MSME fleet segment, which is extremely fragmented and has previously had limited access to working financing. Credit One offers bespoke credit solutions based on the specific needs of each category of the service provider in this MSME area. This intricacy demanded a reduction and integration of collecting method across the numerous portfolios that was enabled by Credgenics through digitization.

The system was quickly installed because to Credgenics‘ agile and SaaS-based design, which eliminated the need for extensive integration efforts and time. Credgenics’ AI-powered platform served as a one-stop shop for the complicated process requirements of several stages of the collections lifecycle, including pre-due collections, soft bucket, hard bucket, and litigation. Credgenics improved efficiencies by simplifying procedures and streamlining information flow between teams.

Speaking on the announcement, Pravin Kabra, CEO and Co-Founder, Credit One Payments, said, “MSMEs are the backbone of the Indian economy, and we are concentrating on providing the appropriate resources through credit to support their growth and business expansion. Our ability to speedily, efficiently and cost-effectively serve the needs of this diverse segment has been strengthened with Credgenics. The digitization and automation of our collections processes through Credgenics has led to increased recoveries, optimal utilization of our team and higher predictability of outcomes. With Credgenics, we saw a 20% reduction in Net Credit Loss and our strength in collections helped us increase our credit approval ratio by 40%.”

Shubham Dasgupta, COO, Credit One Payments, mentioned, “Credgenics’ unique digitization and automation strategy ensured that our adherence to the integrated collections strategy went up by 35%. Credgenics is a market-leader platform and it has enabled us to adopt innovative and sophisticated features in effectively managing our borrower communications across different stages of the loan lifecycle. The solution has increased our business efficiency and helped us expand rapidly in Ahmedabad, Surat, Nagpur, and Bangalore.

Also Read | IREP Credit Capital partners with Credgenics to streamline loan collection

Speaking on the partnership Rishabh Goel, Co-Founder & CEO, Credgenics, commented, “We are delighted to be working with Credit One, a leading provider of credit to fleet MSMEs for enabling their business continuity. We are pleased to be able to reimagine debt collections for our customers including Credit One and support their growth journey powered with digital solutions and cutting-edge technology. Through our sustained efforts in harnessing the power of advanced technology, we are equipped to address the evolving collections-related needs of the entire credit ecosystem.”

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