Banking is experiencing a significant shift, and how debt collection operations interact with clients is becoming a major concern, particularly with BNPL programs. Hundreds of billions of dollars have invested in digitizing banking and other services in recent years, yet debt collection procedures remain manual and outdated, resulting in consumer irritation and lost revenue for service providers. Banks are dealing with this transformation, and fintech businesses appear to be doing so as well.
Receive, a no-code SaaS startup that makes it easier for businesses to collect and recover debts (such as late claims), raised $13.5 million in initial investment from venture capital firms Seaya Ventures and 14W in May of this year, the expansion round included existing investors Mangrove, Speedinvest, and Seedcamp.
Receive allows companies to automate procedures throughout the credit management value chain. Banks, alternative lenders, utilities, and telecommunications companies are among its clients. Since then, the company has not taken a break. It has already secured ABN AMRO, the Netherlands’ third-largest bank, as a partner and investor, receiving a €4 million initial investment from the bank’s venture arm. As a result, it now has a value of $16 million.
Receive and ABN AMRO Ventures have also formed a strategic alliance, this implies that the bank’s clients who are the most vulnerable to debt receive more assistance. On top of their present technology, ABN AMRO may now use Receeve’s platform to acquire a “unified view” of its customers.
“Both firms share a goal on offering sophisticated data and digital solutions to generate the finest consumer experiences,” Receeve CEO Paul Jozefak stated. ABN AMRO Ventures’ commitment to innovation is demonstrated in its partnership with Receeve to help develop the solution roadmap and be a pioneer in delivering a better trip for the most vulnerable consumers while also offering tools to its staff to continuously enhance their own experience.”
“Receive’s concept and development trajectory instantly impressed us,” said Hugo Bongers, director of ABN AMRO Ventures. We are eager to work with the whole team to not only provide excellent value to ABN AMRO, but also to partner as investors to drive development and expansion and establish a market leader across Europe and beyond.”