Symend Raises $52M to Revolutionize Financial Recovery Solutions
As global unemployment rates surge amid economic uncertainty, millions face mounting financial pressure. Symend, a Calgary-based fintech innovator, has secured $52 million in growth funding to scale its AI-powered platform designed to help businesses identify and support at-risk customers before payment defaults occur.
The Symend Advantage: Behavioral Science Meets AI
Founded in 2016 by Hanif Joshaghani (CEO) and Tiffany Kaminsky (CSO), Symend combines:
- Advanced behavioral analytics
- AI-driven risk assessment
- Customized payment solutions
The platform has already assisted 10 million customers for enterprise clients, with projections to reach 100 million by year-end. This rapid growth prompted the funding round—a significant jump from their previous $8 million raise.
Investment Breakdown
The Series B round was led by Inovia Capital, with participation from:
- Ignition Partners
- Impression Ventures
- BDC Capital’s Women in Technology Fund
- Mistral Venture Partners
- Angel investor Markus Frind (PlentyOfFish founder)
Why This Matters Now
While most payment innovation focuses on transaction mechanics, Symend addresses a critical gap:
- Human-Centric Approach: Replaces threatening collections with empathetic engagement
- Data-Driven Solutions: Analyzes behavioral patterns to predict financial distress
- Flexible Alternatives: Offers customized options like:
- Payment deferrals
- Modified schedules
- Temporary relief programs
“COVID-19 has created unprecedented financial vulnerability,” explains Joshaghani. “Traditional collection methods often worsen situations. Our platform helps businesses recover revenue while preserving customer relationships.”
The Technology Behind the Solution
Symend’s team—25% PhDs, including behavioral scientists—leverages:
- First-party business data
- Strategic third-party sources
- Proprietary AI models
“We adapt to each client’s available data,” says Kaminsky. “The average ROI is 10X the investment in our platform.”
A Mission With Personal Roots
Joshaghani’s immigrant experience informs Symend’s social mission:
“Growing up with financial instability showed me how systems fail vulnerable consumers. Digital finance needs more humanity—that’s what we’re building.”
This vision resonated with investors. Dennis Kavelman of Inovia Capital notes: “Symend’s solution combines financial pragmatism with genuine consumer protection—a rare and valuable balance.”
Looking Ahead
With this funding, Symend plans to:
- Expand platform capabilities
- Accelerate client onboarding
- Enhance its behavioral science frameworks
As economic uncertainty persists, Symend’s humanized approach to financial recovery positions it as a critical tool for businesses navigating the new normal of customer relationships.
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