Fintech start-up Credit Clear gives consumers control of their finances, has launched...

Fintech start-up Credit Clear gives consumers control of their finances, has launched a $10 million Series A raise

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

Fintech payments company Credit Clear has launched a $10 million Series A capital raise to expand its disruptive payment software-as-a-service (SaaS) business into the US, UK and Asia.

Co-founded by one of Australia’s most prominent property developers, Mark Casey, and Lewis Romano, who successfully launched one of Australia’s largest recruitment business SpotJobs, the capital raising comes off the back of major contracts with leading financial institutions. The raise is being led by group CEO and former principal of one of Australia’s fastest growing credit funds, Brian Osborne.

Launched in July 2017, Credit Clear is a disruptive technology that houses unique tools and business intelligence to maximise payments for clients. Replacing traditional paper invoicing and collection processes with digital invoices and instant ‘one-step’ payment options. Credit Clear’s solution is entirely mobile and delivers smart payment plans that can be tailored to individual consumers, allowing them to seamlessly select a payment amount, and start date that suits them.

What has Credit Clear been up to lately?

Credit Clear’s cutting edge technology has revolutionised collection models for a growing list of enterprise clients including major financial institutions, telecommunication, utilities, government and property agents. Following implementation of the Credit Clear technology, clients have reported up to a 500% increase in traditional collections and up to 200-times ROI.

Credit Clear recently appointed Simon Scalzo, former CEO of ‘buy now, pay later’ fintech Openpay, as Managing Director, to lead the global expansion.

Mr. Scalzo said: “These early outcomes highlight how fintech’s are overcoming the huge disconnect between the service offerings of traditional processes and the demands of today’s consumers.

“Our technology has rewritten best practice, companies need to be looking at their current receivable processes, and make more relevant payment options available to their customers if they are to meet the growing need for flexible, mobile and simple payment processes.”

Lewis Romano
Lewis Romano

The core of Credit Clear’s product is a sophisticated machine-learning engine, programmed to individual customers profiles, drawing from over one million users, who have currently utilised the payments engine, it decides the optimum time/day to send tailored communication and via the most appropriate platform (SMS, email or I.M.) that best suits the consumer.

“Our Artificial Intelligence (AI) technology is being used to maximise payments by understanding the behaviour and attributes of our customers. The systems intelligence also extends to automatically translating communications into the user’s default language, generating some very powerful results as english isn’t everyone’s first language”,” continues Mr Scalzo.

“Credit Clear’s decision engine also tailors wording used for each communication based on the user’s profile. The systems machine learning extends to prioritising and escalating communications based on users interaction with each communications. This deep of understanding of client’s customers makes collections efficient and cheaper, at the same time providing new and easier ways to manage customer payments across all phases of the repayment cycle.”

“The idea behind our smart payment plans system was to speak to people’s values, rather than wielding a big stick. Our technology does this by delivering a seamless, non-invasive service, allowing the users to create a payment arrangement that suits their financial needs.”

 

What is the story behind Credit Clear?

“I co-founded Credit Clear with Lewis because we saw an opportunity to solve a problem using new thinking and new technology to completely change the debtor experience for the better. Whilst importantly creating efficiencies in the multitude of organisations using traditional, expensive and antiquated methods to follow up missed payments and pursue collections.” Mark told Anthill.
What excited me about the Credit Clear opportunity was the first to market position we were able to take and the enormous scale of the Credit Clear business on a global level. This was further heightened on the back of strong results and long term commitment from our early stage clients.”

Credit Clear has attracted the support of some of APAC’s leading technology executives who join its Advisory Committee, including Neal French, Head of Chrome & Android for Work – Google APAC & Japan; and Stephen Borg, Global CDO AOPEN Group.

“We have developed an exciting fintech offering with multiple future applications, that doesn’t need to manage a traditional loan book or carry that associated business risk, yet generates revenue and customer intelligence. Businesses and end-users are gravitating toward Credit Clear because it approaches an old problem in a distinctly new way”, Mr Scalzo said.”

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