MOUNTAIN VIEW, CA, Prodigal, the intelligence layer for loan servicing and collection operations, today announced a $12 million Series A led by Menlo Ventures.
Participating and existing investors include Accel, Y Combinator, and MGV. Lending industry veterans like Eric Sage (COO Plaid), Anand Joshi (ex American Express), and Nicholas Hinrichsen (CEO Carlypso) also joined the round. This new fund allows Prodigal to expand its suite of intelligent workflow and optimization products that enable clients to boost productivity, better serve customers, and drive the bottom line. With an astonishing 8x growth in the last year, Prodigal will also be focused on expanding its exceptionally talented team.
Prodigal gives lenders and collections agencies insights from customer interactions using advanced conversational AI. These insights power their operations, prompting the right actions on accounts at the right times using the right channels. Prodigal increases team productivity by over 30% by automating routine tasks. Dozens of customers, including Fundbox and Sequium, use the platform daily to streamline profits and directly boost profits.
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