Prodigal Raises $12M Led By Menlo Ventures
- ByAyushi Ray | July 23, 2021
Debt-collection software maker, a California startup Prodigal raises $12M led by Menlo Ventures. The other investors who participated are, Accel, Y Combinator, and MGV, and lending industry veterans like Eric Sage (COO, Plaid), Anand Joshi (ex-American Express), and Nicholas Hinrichsen (CEO, Carlypso). This new funding will allow Prodigal — which has its engineering division in Mumbai — to expand its suite of intelligent workflow and optimisation products that enable clients to boost productivity, better serve customers, and drive the bottom line. Prodigal has grown almost 8 times in the last year and will now focus on expanding its team. It will grow the India team four-fold in the next 12 months across engineering, product, and go-to-market functions.
“Prodigal turns interactions into insights. These standardised and structured insights flow between stakeholders like loan originators, capital providers, agencies, and customers. This improves the speed and transparency of decision making; delivering a customer-first experience while decreasing cost of loan operations,” said Shantanu Gangal, CEO and Co-founder, Prodigal. The startup’s decision engine claims to help clients maximise recovery rates, optimise operations, and minimise compliance risks while coaching agents on improving customer communication. Prodigal has analysed over 15 million loan accounts to date. It claims to have helped clients increase productivity by as much as 30 percent and eliminate 98 percent of compliance mistakes, delivering a 2.5x return on investment.
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