Debt collection platform TrueAccord has netted $22m in its Series B funding round, led by Arbor Ventures.
Other backers to the round included Nyca Investment Partnership, Assurant Growth Investing, Caffeinated Capital Fund, Felicis Venture, TenOneTen and Crystal Towers.
Founded in 2013, TrueAccord is a data-driven debt collection platform that enables online reclamation of debt. The platform utilises machine leaning technology to analyse consumer behaviour and creates a personalised experience with the customers by offering payment methods that meet their needs.
Between 2016 and 2017 the company has increased its accounts by 2.5x, with more than?two million customers on the platform, since launch.
The capital will be used to support its product development and the innovation of its platform. Equity will also be used for expansion in to vertical markets, client acquisition and the retention/hiring of staff.
Arbor Ventures co-founder and managing partner Melissa Guzy said, ?TrueAccord is redefining the debt collections industry through a digital approach for debt recovery. It is achieving higher customer engagement, satisfaction and recovery rates through its data-driven platform, which tailors the collection process to individual consumer preferences.p>
TrueAccord closed its Series A on $5m in 2015, with the lead investment coming from Khosla Ventures and Caffeinated Capital’s Raymond Tonsing.
This marks Arbor Ventures fourth FinTech investment this year, with its most recent being a commitment to digital currency wallet Abra $16m Series B. The firm other transactions in the space this year include payment provider Karmic Labs, which raised $17.2m and benefits management platforms Hibob $17.5m round.
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