The world of fintech is rapidly evolving, and AI-driven solutions are leading the charge. Candidly, a startup that uses artificial intelligence to help consumers manage their debt, has just raised $20.5 million in Series B funding. The round was led by Accel with participation from existing investors including Y Combinator and Social Capital.
Candidly’s mission is to make it easier for people to get out of debt faster and more efficiently than ever before. The company’s platform provides users with personalized advice on how best to pay off their debts based on their individual financial situation. It also offers automated payment reminders so users can stay on top of payments without having to manually track them each month.
In addition, Candidly helps its customers save money by negotiating lower interest rates or fees with creditors when possible — something that would be difficult for most individuals to do on their own due to lack of knowledge or time constraints. This feature alone could potentially save customers hundreds or even thousands of dollars over the course of paying off their debts depending on the amount owed and interest rate charged by creditors prior to negotiation.
With this new influx of capital, Candidly plans to expand its team as well as invest in product development efforts aimed at further improving user experience and increasing customer engagement levels across all platforms (web/mobile). Additionally, the company will use some funds towards marketing initiatives designed specifically around educating potential customers about what they offer and why it might be beneficial for them compared other options available in the market today such as traditional credit counseling services or DIY debt management tools like Mint or Quicken Loans Debt Manager Pro software packages .
The founders believe that AI-driven fintech solutions have tremendous potential when it comes helping people better manage personal finances — especially those who may not have access resources typically required navigate complex financial matters such as understanding loan terms & conditions , calculating total cost borrowing , etc . With this latest investment , Candidly now has an opportunity prove itself against established players within industry while simultaneously pushing boundaries innovation & technology .
As consumer debt continues rise globally , there’s no doubt demand products like these will only increase over time . By leveraging cutting edge technologies such artificial intelligence , machine learning & natural language processing (NLP) , startups like Candidly are able provide much needed assistance those struggling financially – ultimately making process getting out debt less daunting task than ever before .
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