Symend extends its Series B round with a fresh $43m investment

Symend, which leverages behavioural science to encourage customers to resolve past due bills, has netted an additional $43m in Series B funding.

This new capital injection was led by Inovia Capital, with commitments also coming from a consortium of unnamed backers.

Symend is a digital engagement platform that leverages data-driven insights to empower customers to pay their due bills. Through deep analytics and deep insights on customer behaviour, the platform “empathetically” nudges customers to pay their bills.

Its clients include telecommunications, financial services, utilities and media companies across North America. The company recently opened an office in Australia to support its operations in Asia-pacific and also plans to expand into Latin America, Europe and the Middle East and Africa.

In 2020, the company increased tis team size from 50 to more than 225 and hopes to double this figure by the end of the year.

The company previously raised $52m in its initial Series B tranche of funding in 2020.

Symend CEO Hanif Joshaghani said, “Given the challenges that service providers have faced during the pandemic, we are seeing a massive uptick in enterprises that are committed to investing in solutions that will ensure they are better prepared for the future, better the lives of their customers, and drive better business results for their core operations during both good and challenging times.”

Symend has raised more than $100m in funding to date.

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