PAIR Finance, a debt collection and receivables management platform, has scored €2m in funding, as it continues its growth efforts.
The German company claims to have increased its sales by over 200% annually since 2016 and became profitable in 2019. Its team is currently made up of 80 people.
Its client base is made up of more than 250 companies, including Klarna, Zalando, Sixt, Grover or the Jochen Schweizer mydays Group.
The €2m investment was supplied by previous backers FinTech company developer finleap, online fashion company Zalando and venture capital firm Yabeo. Capital was also supplied by former Deutsche Bank PFK board member Ralph Müller.
With the fresh capital, the company will look to bolster its position in the market and further its growth. The company will look to build new products and improve its AI algorithm.
Having generated profits in the previous quarters, PAIR Finance states it is on track to meet its growth plans and projects planned for 2020 and 2021.
Founded in 2016, the company offers an AI-powered digital debt collection solution. The data-driven platform helps companies to better collect outstanding receivables by keep on top of clients.
finleap founder and CEO Ramin Niroumand said, “We are impressed by PAIR Finance’s growth and innovation in the debt collection market and are 100% convinced by the company’s unique business model.
“With this new round of financing we want to enable the team to build on the existing success and play an even more important role in replacing traditional debt collection services in Germany and beyond. PAIR Finance is already one of the guarantors of success in our finleap ecosystem.”
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