New Delhi: Moneytor, a software start-up that automates the process of debt collection from defaulters, on Wednesday said it raised an undisclosed amount from 500 Startups, Yes Bank-backed accelerator ISME ACE and some other angel investors.

A SaaS (software-as-a-service) product, Moneytor helps financial institutions better manage collections from loan defaulters. A default on repayment of loan initiates a settlement process where the debtor is offered various terms to meet his or her obligation.

Moneytor’s platform, offered to both lenders and collection agencies, automates the recovery processes through a decision-making engine that suggests recourse on a case-to-case basis and even automates the communication with defaulters.

“Moneytor is a new-age debt collection platform, where the road to recovery is customized for each consumer, basis their response to communication sent on behalf of the lender. We further automate all agent-related processes, ensuring that a consistency in communication is maintained and there is no ad hoc messages being delivered to consumers."

“Utilizing the platform, our clients can also comprehensively compare the effectiveness of their communication and the performance of agents, against each other," said co-founder Ayush Srivastava. Srivastava along with Anubhav Singh founded Moneytor in June 2017. The start-ups is based in Mumbai.