Riverline AI, a Bengaluru-based fintech startup, has raised $825,000 in a pre-seed funding round led by South Park Commons. The round also saw participation from DeVC, gradCapital and several angel investors from Google, Meta, Tesla, M2P and HyperVerge.
The funds raised will be used to strengthen its engineering efforts, build advanced AI memory systems and expand multilingual support. The funds will also be used to scale its platform to handle more than 100,000 conversations a day as it works toward creating a new age banking experience.
Founded in 2024 by Ankit Sanghvi, Jayanth Krishnaprakash and Abhishek Gupta, Riverline develops AI debt-counsellors that interact with distressed borrowers and guide them toward more creditworthy decisions.
The platform seeks to address gaps in India’s debt recovery process by offering patient counselling and improving credit risk visibility for lenders.
Within seven months of launch, Riverline’s AI agents are already managing collections across Rs 100 crore of bad loans every month, working with digital-first lenders including Cred, Freo, Nira, Propelld and others.
Ankit Sanghvi, Cofounder & CEO of Riverline, said, “Until now, all the NBFCs and banks have followed a top-down approach of sourcing leads, then underwriting, then disbursing and then collecting. But, Riverline is solving it in reverse – we’re going to first solve the underbelly of the system, by building operational excellence in collections, using that to mitigate risk, uplift each borrower, and then build upwards.”
Prateek Mehta, Founding Partner, South Park Commons India, said, “It’s a young team going after a problem that a lot of young people are facing, and they have a unique approach to this. Ankit, Abhishek and Jayanth have compassion, the desire to help, and are building the right tech using insights from behavioral science. Their AI debt collection agent is often helpful and is more effective than humans and other AI. We are quite excited about being part of this journey.”
