Banking is undergoing a huge transformation, and how debt collections operations engage customers is becoming a big issue, especially with things like BNPL schemes. Hundreds of billions of dollars have been invested in the last few years digitalizing financial and other services, but debt collections operations remain very manual and archaic, resulting in frustration for customers and lost money for service providers. Banks are having to deal with this change, and fintech startups are appearing to deal with it.
Back in May this year, Receeve, a no-code SaaS startup that makes it easier for companies to collect and recover debts (such as overdue claims) increased their seed funding to $13.5 million with venture capital funds Seaya Ventures and 14W. Existing backers Mangrove, Speedinvest and Seedcamp participated in the expansion round.
With Receeve, company teams can automate processes across the credit management value chain. Its customers include banks, alternative lenders, utilities and telcos.
Since then the startup has not been resting.
It has now bagged ABN AMRO — the third-largest bank in the Netherlands — as a partner and investor, gaining a seed-extension of €4 million from the bank’s venture arm. So it’s now sitting on $16 million.
Receeve and ABN AMRO Ventures are also entering into a strategic partnership. This means the bank’s customers who are most vulnerable to debt get more support.
ABN AMRO can now access Receeve’s platform to get a “unified view” of the customer on top of their current technology.
Paul Jozefak, Receeve’s CEO said: “Both companies share a vision on delivering advanced data and digital solutions to build the best customer experiences. The commitment to innovation is reflected in ABN AMRO Ventures partnering with Receeve to help forge the solution roadmap and be the leader in creating a better journey for the most vulnerable customers while at the same time providing tools to its employees to continually improve their experience as well.”
Hugo Bongers, head of ABN AMRO Ventures, added, “Receeve’s approach and growth trajectory immediately intrigued us. We look forward to collaborating with the whole team to not only deliver great value to ABN AMRO, but we are excited to partner as investors to fuel growth and expansion and build a market leader across Europe and beyond.”