Melbourne fintech Credit Clear raises $8.5 million to expand payment collection platform

Melbourne fintech company Credit Clear, which automates the process of requesting payments from customers, has raised $8.5 million in funding from investors including Regal Funds Management and Alex Waislitz of Thorney Technologies.

Founded by Lewis Romano in 2016, the startup helps companies send messages requesting payments from customers through avenues such as email, SMS, and Facebook messenger. Customers can then choose to pay via card or PayPal, set up a payment plan, or request a call back.

The startup reported it has sent more than 1.6 million messages over the past 12 months, requesting over $140 million in payments from 190,000 customers of enterprise clients, from utilities companies to telcos and government agencies.

Simon Scalzo, managing director and CEO of Credit Clear, said, “We have been taking as much feedback as possible over many iterations and successfully commercialise the product, demonstrated how valuable the company can be. Our early clients love the product because it is solving an actual problem, simply.”

According to the startup, its platform has helped customers increase collections by up to 280 percent and reduce operating costs by 83 percent. Read more

Gina Baldassare - Startup Daily - 26 June 2018