CredAvenue has acquired a 75.1% stake in Spocto, an artificial intelligence and machine learning-powered debt recovery platform. With the acquisition, CredAvenue will become the first global debt marketplace serving every stage of the enterprise lending life cycle, the company claimed.
“Adding digital collection capabilities will significantly add value to lending partners on the platform. This deal is a forward integration that completes the product suites for the entire lifecycle. It will shrink the resources and time required for collection while improving the recovery rate. From a broader perspective, it will improve the overall asset quality of our Bank and NBFC partners. This acquisition will propel us into the global market by gaining access to Spocto’s global clientele and network. We will continue to disrupt everything debt with the goal of having a worldwide impact, said Gaurav Kumar, Founder and CEO of CredAvenue.
CredAvenue offers a platform to connect corporates looking for loans with financial institutions and investors who can provide debt through various instruments. The company had raised USD 90 million in Series A led by Sequoia Capital, LightSpeed Venture Partners, TVS Capital Funds and Lightrock India last year.
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