Financial automation platform Clerkie secures $33m Series A


Clerkie, an AI-powered financial automation platform, has scored $33m in a Series A round headed by Left Lane Capital.

Other participants in the round include Wellington Management Company, Flourish Ventures, Citi Ventures, CMFG Ventures and Vestigo Ventures.

Clerkie CEO and co-founder Guy Assad said, “The consumer debt market is fundamentally broken for consumers and the creditors that serve them, as evidenced by the predatory collections practices and the crushing amount of debt burdening American families.

“Today, tens of millions of Americans are struggling with their debts and are falling into delinquency. It’s a lose-lose situation for the borrowers and for the banks who are racking up billions in losses. Our goal is to support struggling American families by giving them better tools to responsibly fulfill their debt obligations and ease their debt burden.”

According to Clerkie, the problem the firm is solving is one deeply personal for Assad. The CEO has seen firsthand, both in his family and in his community, the severe anxiety and financial hardship that can result from untenable debt burdens. After his own father was diagnosed and ultimately lost his battle with cancer, the medical bills and the credit card debts racked up.

He added, “It was just a lot. On one hand you’re dealing with this unthinkable grief and on the other hand you’re trying to manage this crippling financial stress. But, you just have to keep it moving and forge ahead because a lot of people are relying on you.”

It took Assad several months to haggle with the collections companies and the medical companies to find suitable repayment plans that would allow them to repay back these bills responsibly.

Clerkie claims that its proprietary platform has become the go-to tool for creditors looking to manage their loan losses while simultaneously helping millions of borrowers get out of debt and improve their credit.

The platform uses a number of data points to identify and help potentially delinquent borrowers avoid default. From there, the system proactively surfaces viable workout options for a given borrower, thereby helping them avoid the predatory collections process and ultimately helping them ease their debt burden and improve their financial health.

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