At Accel, we believe that inefficient systems and poor customer experiences in any market are signs of untapped potential and an opportunity for disruption. Prodigal has identified one such opportunity and we are glad to be a part of their journey.
Before starting Prodigal, Shantanu Gangal had spent several years applying cutting-edge data techniques to manage risk in lending. However, he was shocked by how the rest of the lending lifecycle operated in very manual and inefficient ways. Debt collection, in particular, still seemed to be in the dark ages, partly held back by regulation and by the lack of technology investments.
Shantanu and his team set out to bring big data and AI to the world of lending operations, starting with collections. Sangram Raje, his co-founder, started building the team and product, leveraging his years of experience bringing technology into the world of quantitative investing.
Our partnership first started in 2018 with Prodigal’s seed round, before they launched the product. The team was very thoughtful about their journey, and very respectful of the landscape they were operating in. They spent several weeks interviewing in great depth almost 50 professionals in the collections landscape. Their product was deeply shaped not just by the pain point they were addressing but also the mindsets and priorities of their potential customers.
This preparation and the continued sharp focus has helped Prodigal win customers across the landscape - collection agencies, credit agencies, banks, and even Fintech startups. Prodigal helps its customers with insights that prompt the right action with the right borrower at the right time on the right channel. It's no wonder that Prodigal’s customers love the product.
Prodigal has had a fabulous year, but the journey has just begun. We’re excited about the new round of funding, with the addition of Menlo Ventures to the Prodigal family, and look forward to the path ahead.