Automated debt collection company ezyCollect recently closed its oversubscribed capital raising at $1.25 million in a round led by Tank Stream Ventures.
EzyCollect revolutionises the traditionally complex and inefficient process of debt collection, automating follow-up emails, SMS and managing disputes.
Co-founder and CEO Arjan Singh says Tank Stream Ventures’ investment validates ezyCollect’s core business proposition of helping SMEs improve their cashflow, but it also enables the start-up to accelerate its growth.
“We will use the funds to raise awareness of the product and to make available our technology to thousands of SMEs struggling with cashflow because of slow-paying customers,” says Mr Singh.
Tank Stream Ventures Managing Partner, Rui Rodrigues, says the VC fund was pleased to support ezyCollect’s vision of making it easier and faster for SMEs to get paid.
“It’s a valuable, practical shift in shortening the invoice-to-cash cycle,” says Mr Rodrigues.
What exactly does ezyCollect do?
The credit control software enables small-to-medium businesses to accelerate accounts receivables recovery. It proactively chases payments, ensuring availability of capital as well as reducing administration costs and time.
This results in SMEs getting paid faster, which provides an immediate ROI.
Australian SMEs are currently owed $26 billion, significantly impacting cash flow and operations. ezyCollect has been proven to reduce a firm’s overdue debtors by 50% in less than three months, allowing businesses to focus on managing relationships rather than debt collection.
“The solution had to be easy for SMEs to use and implement,” says Mr Singh. “We did this by simplifying the traditionally complex and inefficient process of debt collection.
“We automated manual actions such as follow-up emails and SMS and scheduled follow-up tasks for staff such as managing disputes and making calls. The seamless integration with accounting platforms MYOB and Xero means businesses get started with ezyCollect in less than 30 minutes.”
What is the origin of ezyCollect?
Business and accounting experts Singh and Raj Kuckreja, the CFO, founded the Sydney-based start-up after first-hand experience dealing with slow-paying customers, and limited resources to deal with the problem.
Mr Singh says ezyCollect was nurtured at deep-tech incubator, ATP Innovations. “ATP Innovations provided the advice and support services critical to our growth from humble beginnings to significant disruptor in the SME accounts receivable management space.”
The fintech has already signed up more than 1,000 users in eight countries.