Tech

Kolleno raises £ 4 million of seed to solve SME cash flow difficulties

FinTechInvestment

Kolleno, a London-based FinTech start-up specializing in credit management for SMEs, has attracted £ 4 million in initial funding.

The round was led by Eurazeo and Stride.VC, with the participation of Euler Hermes, HubSpot and several angelic investors including Michael Pennington, Mark Ransford and Will Neale.

Founded in 2020 by CEO Dimitri Raziev, formerly of Goldman Sachs and Fasanara Capital, and CTO Ron Danenberg, formerly Expedia Group and Vatglobal, Kolleno aims to simplify B2B credit control and collections for SMEs by automating credit management on a only platform.

The idea of ​​forming Kolleno came from their experience observing the impact that manual processes and poor cash flow management were having on SMEs. In less than 18 months of operation, the startup has already acquired customers in several markets in Europe, the United Kingdom, the United States, Canada and South Africa.

Kolleno has already processed over 170,000 invoices in the US, Canada, South Africa, UK and Europe since its launch.

The platform performs cash reconciliation, prioritizes workflow, and provides tailored collection strategies by recommending the most effective communication channels using AI and machine learning technology.

Customers are contacted via omnichannel and in-app communication methods including email, SMS and calls.

The platform also has a payment portal accessible directly from the email or text received from the customer. Its dashboard provides insights into data and credit analysis that help mitigate risks and reduce the number of bad loans.

“Previously, companies had to hire credit control specialists or assign extra tasks to existing members of their team to manually monitor customer payment dynamics,” said Raziev.

“An employee had to identify late arrivals, then prioritize, contact and follow up with individual customers to ensure late payments were received. This was not only time-consuming, but also stressful for entrepreneurs and often error-prone.

“Kolleno was designed to alleviate these challenges by automating manual legacy processes to eliminate errors, ensure businesses get paid faster, and improve cash flows for our customers, some of whom have reported more than 90% payback using our platform “.

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The software is equipped with machine learning technology that can automate and optimize the timing, method and delivery of customer communications and offers a variety of efficiency-enhancing features, such as an action bulletin board and an action portal. payments to simplify follow-up and receipt of payments.

“Technology has reached a level where it is able to remove repetitive tasks from employees and perform them faster and more accurately, freeing up time for staff to focus on higher value-added activities and accelerating time from sales to cash. . We are excited to build something that saves companies time and money, ”Danenberg added

Kolleno raises £ 4 million of seed to solve SME cash flow difficulties

Source link Kolleno raises £ 4 million of seed to solve SME cash flow difficulties

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