Prodigal Raises $12M To Give Lenders Actionable Insights

Prodigal, the intelligence layer for loan servicing and collection operations, today announced a $12M 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. Customers rely on Prodigal to gain insight into key customer interactions and to offload repetitive tasks from agents to AI solutions. The company’s decision engine helps clients maximize recovery rates, optimize operations, and minimize compliance risks, while coaching agents on improving customer communication. In the course of analyzing more than 15M loan accounts to date, Prodigal has helped clients increase productivity by as much as 30% and eliminate 98% of compliance mistakes, delivering a 2.5x return on investment.

“Prodigal turns interactions into insights. These standardized and structured insights flow between stakeholders like loan originators, capital providers, agencies and customers. This improves the speed and transparency of decision making; delivering a customer-first experience while decreasing cost of loan operations. Lenders lose about a third of their time to routine tasks like filling out paperwork or following up with customers after calls. Prodigal automates many of these processes, freeing up an enormous amount of time for agents to focus on the human side of their interactions with customers,” said Shantanu Gangal, CEO & Co-Founder at Prodigal.

“Over the past 10 years, the vast majority of innovation in lending has focused on customer acquisition and underwriting, but the actual post-funding interactions with customers remain entirely manual, leading to mediocre customer experiences. We’re excited to see Prodigal automate some of these busted workflows,” said Croom Beatty of Menlo Ventures. “Shantanu and team are incredibly data-driven and thoughtful in how they use that data to create positive feedback loops for customers and constituents across the lending value chain.” Communicating with customers can often be sensitive, and Prodigal’s decision engine helps lenders minimize customer complaints by analyzing those communications and giving agents prompts like when to follow up with customers or how to adjust communications strategies based on customer feedback. These insights help clients break out of binary approaches of either collecting or not collecting on loans and boost partial recovery rates by ensuring that agents act in alignment with customers’ preferences.