Ophelos, which leverages AI to improve the debt resolution process, has reportedly collected £5m in its seed round.
Albion Capital served as the lead investor, with commitments also coming from Vast Ventures and Form Ventures, according to a report from AltFi. Several unnamed existing backers and angel investors also participated.
With the round closed, Ophelos hopes to expand its automation platform across the UK and double the size of its team in the next year.
The FinTech company aims to make debt collection fairer for everyone, by finding an approach that works.
Ophelos will get in contact with someone after being asked to resolve an unpaid debt in their name or at the address – Ophelos works with energy companies, banks, insurance, phone companies and other similar types of businesses.
The person will then have the option to pay now, pay later, pay through instalments or explore other payment options.
Ophelos CEO and co-founder Amon Ghaiumy believes debt will impact most UK households. Ghaiumy told AltFi, “With pressure growing on collections departments as a result of increased collections volumes and staff shortages following the pandemic, there is dire need for automation and better use of technology by businesses in this space, rather than on relying on antiquated debt collection agencies.”
Earlier in the year, fellow UK-based FinTech Allica Bank closed a £55m Series B round. The company provides UK SMEs with lending options.
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