Symend offers behavioral analytics that can help customers having trouble paying bills. It integrates customer engagement products to identify such customers and suggests payment alternatives. Thus, keeping them from defaulting. The company has recently nabbed a hefty amount of $43 million. The series B funding for Symend happened last year. This total amount raised by the company till date amounts to $95 million. The current series funding was led by Inovia Capital, along with other unnamed investors.
The valuation of Symend has not been disclosed. However, Hanif Joshaghani, the CEO and co-founder of Symend, said that more and more enterprises are now investing in solutions to help support customers finding it hard to meet payments.
He further added that the uncertainty for customers has been extremely high. The service providers are finding it difficult to support the mass volumes of inquiries in a way that effectively resonates with and empathetically reassures customers. This is what Symend specializes in. The startup primarily works with clients in telecommunications, financial services, utilities, and media and claims. They have two-thirds of the major telecommunications providers in North America, as well as a multinational bank, as customers.
The startup aims at identifying its customers who are having trouble paying bills and suggesting alternatives. Along with this, its solution is focused on avoiding deferrals. Moving forward, Symend plans on using the raised funds to hiring new talents, in particular internationally. The focus will be on opening up operations in Latin Americas and Asia-Pacific regions. They are even planning to expand its products to include customer retention and acquisition tools. However, the process of expanding its product to help people avoid defaults on bills will continue to be the main focus. With the new funding, Symend will scale globally.