Aye Finance partners with Credgenics for digital transformation in debt collection

The engagement will leverage advanced digital capabilities across the collections lifecycle to make the processes future-ready

NEW DELHI, Feb. 5, 2025 /PRNewswire/ -- Aye Finance, one of the leading NBFCs providing business loans to the largely underserved micro-scale enterprises in India has joined hands with Credgenics, an AI-powered platform for debt collections and resolutions. This engagement will digitally transform Aye Finance's debt collections and resolution processes by deploying Credgenics' advanced technology platform.

Aye Finance has been at the forefront of providing affordable credit to the small business community that has broadly remained out of the formal credit ecosystem, by following a credit assessment approach and extensive use of technology across lending processes. Credgenics SaaS based platform at Aye Finance will enable an integrated, personalized and insights-driven communications strategy with borrowers across various channels. These advanced capabilities will further enhance operational effectiveness through the deployment of tailored collections strategies. The CG Collect field app will not only empower the field collectors to manage their day-to-day activities more efficiently but also will enable borrowers to make instant digital repayments. Bilzy Payments solution will enable the Aye Finance team to generate personalized payment links that can be embedded in customer communications to facilitate secure digital transactions.

Credgenics Litigation Management System will help the legal collections team at Aye Finance to monitor, action and report on legal proceedings, ensuring complete visibility into the status and performance. With Credgenics Settlement Portfolio Management solution, Aye Finance would be able to streamline their end-to-end debt settlement process.

Commenting on the partnership, Jinu Joseph, Chief Technology Officer, Aye Finance stated, "We at Aye Finance are committed to using innovative practices and high-tech digital capabilities to provide customer-centric financial services in an efficient, cost-effective and scalable manner. We believe that our partnership with Credgenics will help us further this strategy and make our debt recovery processes more data-oriented, insightful and efficient. We believe that the technology partnership with Credgenics will help our field teams optimize and enhance their engagement with our customers by utilizing their integrated, multi-channel digital capabilities."

Rishabh Goel, Co-Founder and CEO of Credgenics, added, "Aye Finance has firmly established itself as a leading micro-business lender to businesses that have traditionally remained outside the reach of formal credit. Their focus on using technology-backed innovation in credit underwriting and collections to make micro-business loans affordable and viable is highly appreciated across the industry. Our solutions will enable Aye Finance to manage recoveries with unprecedented efficiency, and agility. We believe that this collaboration will set new benchmarks in the industry while transforming debt recovery practices for the digital world."

Credgenics' technology combined with Aye Finance's commitment to supporting small businesses, is set to further transform the MSME lending landscape, driving sustainable growth and encouraging financial inclusivity.

About Credgenics

Credgenics is the leading provider of Loan Collections and Debt Resolution technology platforms to Banks, Non-banking finance companies, FinTechs, and ARCs worldwide. The AI-powered SaaS-based platform has been recognized as the #1 Best Selling Loan Collections Platform in India by IBS Intelligence in their Annual Sales League Table for three years consecutively. Credgenics caters to the end-to-end collection lifecycle for retail and SME / MSME debt and works with over 150 customers. It handled more than 98 million retail loan accounts worth over USD 250 Billion in FY24 for collections and has sent over 1 billion omnichannel communications. With Credgenics, lenders have increased resolution rates by 20%, improved collections by 25%, reduced collections costs by 40%, reduced collections time by 30%, and improved legal process efficiencies by 60%. https://www.credgenics.com

About Aye Finance

Aye Finance Limited (formerly known as Aye Finance Private Limited) is a non-banking financial company focused on providing loans to micro-scale MSMEs across India for their working capital and business expansion needs. Aye offers small-ticket business loans to customers across manufacturing, trading, service and allied agriculture sectors. Our product offerings comprise mortgage loans, 'Saral' Property Loans, secured hypothecation loans and unsecured hypothecation loans. Aye Finance is headquartered in Gurgaon and has a branch presence in 18 states & 3 UTs through over 499 offices. The company which is a decade old, has partnered with marquee investors which includes CapitalG, British International Investment, ABC Impact, Elevation Capital, Lightrock, Alpha Wave, A91 Partners and MAJ Invest. https://www.ayefin.com/

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