Canadian fintech startup Symend Inc. announced on Thursday it secured $1 million through its first seed funding round. The company revealed that key investors included founding partners and angel investors.
Symend stated it would focus initially on helping utility providers, telecoms, and unsecured credit card suppliers recoup their customer debt. Founders Hanif Joshaghani, CEO and Tiffany Kaminsky, CMO, along with CTO Joseph King will use the initial seed funding to build out their prototype, which will use a combination of automation, predictive analytics, and better positive collection tactics to help pilot customers.
Joshaghani, who is founder and CEO of Symend, explained:
“We are very happy with our seed round raise. Our company has a launch valuation of $2.5 million, a great starting point for our investors who we want to thank for helping us kick-off.”
Kaminsky, Founder and CMO of Symend, noted:
“This capital allows us to start rapidly building the technology for our first pilot customers. We are looking to bring a major telecoms provider and a utility company on as pilot customers in the first half of 2017, quickly scaling the system from there.”
James Lochrie, Founder of Wave Accounting and Symend Advisor added:
“The collection process is broken because companies do not take a customer centric view to the problem. There is potential for dramatic improvement by focusing on customer experience and retention while also engaging in the challenging task of collecting overdue funds. Collection processes today are frustrating for anyone to have to go through because the approach is antagonistic. The seasoned management team at Symend is attempting to remove that friction to allow for a relationship driven experience to guide company behaviour. If successful, they have an opportunity to impact those who need help while improving the underlying business results.”