CollectiPhi-360, enables lenders to manage automated, doorstep, offline, partial and bulk collections, ensuring streamlined and efficient processes across multiple payment channels
Phi Commerce has gained the interests of investors with its growth in the market, and the company is also in talks to raise a new round of funding in the next 6-12 months from its existing investors, as well as new investors
Following this product launch, the Pune-based company is geared up to focus on its international business expansion to regions such as East and Southeast Asia, as well as the Middle East
Payment solutions provider Phi Commerce
has launched a new platform, designed to cater to the needs of lenders across industries and products like co-lending, term loans, BNPL and supply chain financing.
According to the company, the platform, CollectiPhi-360, enables lenders to manage automated, doorstep, offline, partial and bulk collections, ensuring streamlined and efficient processes across multiple payment channels.
The suite also offers analytics and dashboard features that will allow lenders to dive into transaction-level details and make data-driven decisions.
“There is a growth of loans being disbursed in the market, which is growing about 4-5% YoY in India and looking at this opportunity, Phi Commerce launched CollectiPhi-360 for lenders in various ticket sizes,” Tushar Shankar, cofounder and head of global sales at Phi Commerce, told Inc42.
Founded in 2015 by Shankar, Jose Thattil, Anil Sohanlal Sharma and Rajesh Hanumantrao Londhe, Phi Commerce offers an end-to-end, unified and omnichannel digital payments platform to businesses, banks and networks.
Initially, launched as a platform to solve cash-on-delivery issues, has now pivoted to addressing issues of lenders in the market, Shankar said.
He added that Phi Commerce has gained the interests of investors with its growth in the market and the company is also in discussions with existing and new investors for a fresh funding round over the next one year.
In November last year, the startup raised $10 Mn (INR 83 Cr) in a Series A1 funding round led by its existing investor BEENEXT, along with participation from Opus Ventures.
With the product launch, the Pune-based company is also deepening its focus on overseas expansion across markets, including East and Southeast Asia, as well as the Middle East.
This also comes at a time when lending platforms have been raising funds from investors to boost their operations and expand their debt offerings to MSMEs.
For instance, in August, fintech startup Lendingkart partnered with Tata Group’s financial services arm Tata Capital Limited to offer unsecured business loans to micro, small and medium enterprises (MSMEs).
Meanwhile, loan providers such as Flexiloans and Aye Finance have also raised funds in September to up their game in the lending market.
