Home Articles Fintech start-up Credit Clear closes an oversubscribed $8.5 million Series A raise,...

Fintech start-up Credit Clear closes an oversubscribed $8.5 million Series A raise, IPO planned within the next 12 months

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Credit Clear managing director Simon Scalzo and co-founder Lewis Romano

Fintech payments company Credit Clear has just closed its Series A oversubscribed funding round with a group of strategic partners and investment of $8.5 million. The raise was led by Bell Potter, one of Australia’s largest full-service stockbrokers. The raise was focused on dramatically accelerating Credit Clears’ technology and product functionality to scale its impact and to expand its disruptive payment technology in to the United States.

Credit Clear Chairman and prominent Melbourne property developer Mark Casey, has funded the start-up to date, announcing he “will be joined by a new group of strategic investment partners including Regal Funds Management, and famed stock picker, Alex Waislitz from Thorney investments”.

Thorney Technologies Limited was an early investor in listed fintech star Afterpay and sees signs of similar potential in Credit Clear.

Waislitz said: “Thorney likes the tech space in general and the fintech space in particular. Credit Clear has a good disruptive and scalable business model and it is already being used successfully by a number of the companies that we hold shares in. If they can continue to scale at the rate they have been without major setbacks then they have a bright future in front of them.”

How is Credit Clear doing?

Over the past 12 months, Credit Clear’s cutting edge technology has sent over 1.6 million communications to process more than $140M in debt. The technology has transformed the receivable processes, delivering a more relevant payment option to meet the growing need for flexible, mobile and simple payment processes.

Credit Clear has communicated to more than 190,000 users with enterprise clients including; major financial institutions, telecommunication, utilities, government, and property agent to validate the performance of the company’s technology. Credit Clear has achieved significant traction in the market, which Simon Scalzo, MD & CEO of Credit Clear believes generated the significant interest in the capital raise.

“We have been taking as much feedback as possible over many iterations and successfully commercialise the product, demonstrated how valuable the company can be,” says Scalzo.

Our early clients love the product because it is solving an actual problem, simply. And our case studies have proven to increase collections by up to 280%, reduce operating costs by 83%, and importantly, improve the customer experience.”

Co-Founder of Credit Clear, Lewis Romano has recently returned from the States with secured pilots with corporate motherships. The funding will be used to establish a presence in the U.S., and continue to develop the product offering, ahead of pursuing IPO aspiration in 2019, he says.

“We have already had success securing contracts in the U.S with our demonstrated leadership and strong credentials as an Australian fintech,” Romano added. “We’re now in the process of setting up an office in New York.”

The U.S. represents a huge opportunity to make a significant impact, where outstanding consumer credit has tripled over the last 20 years,” he said.

The business is also expanding its technical resources to maintain innovation in an evolving market and to easily meet demand as volumes grow. The core product will be leveraged for new downstream and big data product offerings and revenue streams to further support new market opportunities.

Scalzo says, “It’s an exciting time to be part of the fintech industry, that’s for sure.”

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