Fintech SaaS leader Credgenics acquires a majority stake in debt collection firm Arrise to expand into field collections under its CG Setu initiative.

In a cash-and-stock transaction, Credgenics, a fintech-focused SaaS platform for loan collections, purchased the majority of debt collection company Arrise as part of its plan to enter the field collections market. Although the company would not reveal the acquisition cost, it did indicate that Arrise would use the majority of the cash component as its main source of expansion capital.

Through the acquisition, Credgenics will be able to incorporate Arrise's pan-India operations into its technological platform and use a fleet of employees with digital skills to enhance on-the-ground debt collections under its new venture, CG Setu. Arrise can reach more than 18,000 pin codes and is present in more than 25 states. Its services include voice bots, repayment management systems, multilingual calling, on-ground collections, and legal and collections process consultancy.

This strategic alliance represents a significant advancement in Credgenics' goal to use technology to revolutionize debt collection. With its effective, data-driven, and compliance methodology, CG Setu will upend the field collections paradigm. According to Rishabh Goel, cofounder and CEO of Credgenics, it would give lenders more efficiency and more transparency while giving borrowers an improved experience.

According to Avadhut Thali, MD & CEO of Arrise, partnering with Credgenics opens up new opportunities for technological innovation and business value development in the crucial field of debt collections. They are sure that this combination of technology and experience will enable them to establish new standards for financial services industry collections in terms of size, efficacy, and compliance.