Symend, has builds behavioural analytics into customer engagement products to identify customers having trouble with their bills, and then suggests alternatives to keep them from defaulting altogether, has picked up $52 million in funding Claims to have “treated” around 10 million customers, on behalf of its enterprise clients. CEO Hanif Joshaghani estimates that they will be treating 100 million customers by the end of this year.
Symend’s solution is to apply behavioural analytics and AI to the situation, to help try to identify when and where problems might occur, and come up with alternatives, be they defrayed payments, payment holidays or something else. (The company’s staff is 25% PhDs, with a large part of those behavioural scientists, said Joshaghani.)
“The economic impact of COVID-19 is leaving a lot of people in a bad financial situation,” he said. While some utilities may have their own initiatives or are supported by government efforts to offset people unable to pay bills, this doesn’t cover all businesses or scenarios.
“Tell us what you have and we’ll see what we can bring to bear,” she said of the approach. “We have a degree of flexibility depending on what a customer can provide.”
“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 in a statement.