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KredosAI Closes New Funding to Improve Payment Outcomes for Consumers and Enterprises
KredosAI, the leading human-centric AI SaaS platform, announced their recent funding led by StartFast Ventures with a consortium of other investors including SaaS Ventures, Stout Street Capital, Okapi Ventures and Early Light Ventures. KredosAI’s previous round was led by Seattle-based SeaChange Fund. The new capital will be used for accelerating product development, hiring new team members, and global expansion.
KredosAI’s proprietary AI model learns from actual customer payment behavior, enabling the platform to experiment with strategies and scale effectively. The platform can show results in weeks, versus months or even years for legacy systems. When customers fall behind on payments, the platform works in concert with proven messages that are rooted in deep understanding of late payment behavior. This approach drives the desired customer behavior while preserving and enhancing the relationship between customers and their service providers.
“We’re excited to work with StartFast Ventures and our other partners. They recognize our solution provides a truly disruptive approach, at scale, to a trillion-dollar problem,” said co-founder and CEO Balaji Sridharan. “By using AI to rapidly learn how to engage with customers, we drive mutually agreeable outcomes that increase retention by avoiding negative customer outcomes. In addition, our platform is easier to implement, and we don’t over-charge our customers or lock them into contracts that cost them to get out – we are completely focused on customer satisfaction.”
The Business Cost of Payment Delinquency for Customers and Enterprises
According to Experian, credit card debt has exceeded $1trillion in the US with more than 50% of Americans behind on payments. Delinquency rates continue to increase across all industries due to factors like inflationary pressure and higher interest rates. Enterprises can have anywhere between 15-20%of their customer base past-due any point in time.
KredosAI’s mission is to improve the payment behavior of past-due customers by providing enterprises a SaaS platform that learns and adapts to customers’ delinquent situations. The company has a unique focus on improving payment outcomes, not click throughs or open rates that are typically measured by legacy solutions or systems that are not built for purpose.
“The problem of past-due payments is huge, and KredosAI's innovative approach benefits both the enterprise and its customers,” said StartFast Managing Partner Nasir Ali. “KredosAI enables rapid experimentation, allowing enterprises to retain more customers and reduce non-payment churn. This is unlike any solution on the market today.”
Enterprises are Rapidly Seeing Results
Enterprises see a 20X return on investment by deploying KredosAI. Suspend rates are reduced by 8-10%, and more delinquent subscribers are retained versus companies using legacy systems or outdated approaches.
“With this funding, we are well positioned to increase our product development, double our staff by year-end, and execute against our global pipeline of current and future customers. The trust and backing of our investors reflects the incredible scale of the market for KredosAI and its potential,” stated Sridharan.
KredosAI plans to expand their footprint from North America into Latin America and Europe.
About KredosAI
KredosAI combines human-centered AI and behavioral economics to provide enterprises the capability to deliver personalized, outcome-driven customer experiences to late paying customers. By preserving the relationship between companies and their customers, KredosAI helps prevent disconnections and increases retention rates using a proprietary AI model that learns from customer behavior and empowers customers to take action.
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