AKUVO, a technology organisation specialising in collections and credit risk, has raised $10m in funding.
AKUVO is the creator of Aperture, a modern, cloud-based collection platform powered by data and analytics. Built by a team of individuals, each with more than 20 years’ experience, the company takes a visionary, behaviour-based approach to credit risk and delinquency management through its products and consulting services.
AKUVO’s original investors participated in the new round, including VyStar Credit Union of Jacksonville, BCU of Vernon Hills, the Coastal Credit Union of Raleigh, N.C and Reseda Group, a wholly-owned CUSO of the $7.3 billion MSU Federal Credit Union of East Lansing, Mich.
New AKUVO investors also included Launch Credit Union of Merritt Island, Fla, Financial Plus Credit Union of Flint, Mich., and the Curql Collective, a Des Moines, Iowa-based CUSO focused on advancing credit union FinTech innovation.
According to AKUVO Founder Jay Mossman, the new investments will support the organisation’s continued growth, focus on innovation and the ability to staff the organization to properly support new and existing customers.
AKUVO prioritizes service after the sale and recently expanded its Loyalty team which includes industry-experienced advisors who help customers optimize Aperture to meet organisational goals and address ever-changing economic conditions.
Mossman said, “I’m humbled with the positive reception we’ve received since launching AKUVO and the introduction of our Aperture collections and credit risk platform. Financial institutions see the value in using a data-driven solution that leverages advanced cloud technology that can utilize machine learning and natural language processing. Aperture significantly improves collection recoveries while also maintaining loyalty and elevating the account holder’s experience.”
“We’re committed to ensuring every financial institution on the Aperture platform receives as much value as possible,” Mossman continued. “Growth is a noble fintech pursuit, but responsible growth supported by excellent service elevates us above the competition.”
Earlier this year, UK-based DirectID, which offers credit risk, risk analytics and predictive modelling services, received a €9m minority investment from Ingka Investments.
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