Prodigal, the intelligence layer for loan servicing and collection operations, has announced a $12M Series A led by Menlo Ventures. Participating and existing investors include Accel, Y Combinator, and MGV. Lending industry veterans like Eric Sage (COO Plaid), Anand Joshi (ex American Express), and Nicholas Hinrichsen (CEO Carlypso) also joined the round.
According to the announcement, this new fund allows Prodigal to expand its suite of intelligent workflow and optimization products.
“Prodigal turns interactions into insights. These standardized 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. Lenders lose about a third of their time to routine tasks like filling out paperwork or following up with customers after calls. Prodigal automates many of these processes, freeing up an enormous amount of time for agents to focus on the human side of their interactions with customers,” said Shantanu Gangal, CEO & Co-Founder at Prodigal.
“Over the past 10 years, the vast majority of innovation in lending has focused on customer acquisition and underwriting, but the actual post-funding interactions with customers remain entirely manual, leading to mediocre customer experiences. We’re excited to see Prodigal automate some of these busted workflows,” said Croom Beatty of Menlo Ventures. “Shantanu and team are incredibly data-driven and thoughtful in how they use that data to create positive feedback loops for customers and constituents across the lending value chain.
Kedar Nigudkar, Chief Credit Officer at Fundbox, said, “Prodigal’s intelligence alerts us of behaviors we want to minimize at Fundbox, and more importantly, prioritizes our largest opportunities. These insights align our team with customer needs, and deliver winning outcomes.” And according to Greg Schubert, President & CEO at Sequium Asset Management, “technology innovation will transform each aspect of account servicing & collection and we are excited about their current product & roadmap!”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.