Neowise Launches Upgraded Debt Collection System (CaaS), Achieves 436% Yearly Revenue Growth

Decentro acquired Mumbai-based Neowise in July 2023 to enhance its fintech and lending infrastructure. The upgraded Neowise CaaS solution increases collections efficiency by 40% for BFSI and improves connectivity with delinquent customers by 25%.

Bangalore, June 18, 2024 – Neowise has launched a new debt collection platform designed to streamline operations and optimize processes for lenders. With around ₹300 crore in assets under management (AUM) for debt recovery, Neowise’s customer base has grown by 250% in the past year.

Lenders and collection agencies face challenges such as incomplete customer data, unstructured processes, disconnected systems, and lack of advanced tools. These issues are compounded by the focus on consumer rights and ethical practices. As digital lending disbursement is expected to exceed INR 47.4 lakh crore by 2026, transitioning to digital debt collection is essential. Neowise, through Decentro’s compliant Payment Aggregator stack, gains real-time access to payment data, enabling smoother transactions and a more transparent collections experience.

Key features of Neowise’s upgraded platform include:

– Pre-integrated e-NACH and BBPS APIs: Streamlines recurring payments through various channels, reducing manual intervention and increasing efficiency.
– Enhanced KYC and Data APIs: Utilizes Decentro’s enriched KYC and alternative data APIs for a comprehensive understanding of borrower profiles, enabling more precise and personalized collection processes.
– Data Integration for Underwriting Models: Feeds collection data into underwriting models, providing valuable insights for lenders to refine their models and make informed decisions, ensuring a seamless information flow between collections and underwriting.

These enhancements have resulted in Neowise’s impressive year-over-year revenue growth of 436% and a 250% increase in its customer base.

“Neowise’s innovative technology and advanced analytics platform are transforming the debt collection landscape,” said Rohit Ramachandran, Co-Founder and CEO of Neowise. “By offering lenders cutting-edge tools and real-time insights, we empower them to streamline their collections processes tenfold. This approach not only boosts operational efficiency but also promotes financial inclusion while ensuring compliance with evolving regulations.”

“Neowise’s data-driven approach and feature-rich platform are powerful additions to Decentro’s financial technology infrastructure,” added Rohit Taneja, Co-Founder and CEO of Decentro. “By integrating Neowise’s comprehensive debt collection system with our payment aggregator and API banking platform, we provide lenders with unparalleled tools and insights to manage their collections efficiently. This synergy will drive greater financial inclusion and operational excellence across the BFSI industry.”

In addition to improved efficiency, visibility, and cost reduction, Neowise offers lenders and collection agencies benefits such as a data-driven field app with geo-tracking and performance analytics, enabling more effective targeting and higher recovery rates.

Vaishnavi Sharma, Senior Manager of Digital Collections & Strategy at Protium Finance, praised Neowise: “Neowise’s innovative debt recovery solutions have been invaluable to our operations. Their tech-enabled approach and actionable insights have helped us manage deeply delinquent loan portfolios and ensured compliance with industry standards and regulations. Their consistent support has been commendable, making them a trusted partner in our debt recovery journey.”