Aktos, a trailblazer in the world of debt collections, has successfully procured a seed funding round of $4.4m.
The firm’s cutting-edge, cloud-based platform is swiftly gaining popularity amongst future-facing third-party debt collection agencies, making it a leader in the modernisation of the accounts receivable management (ARM) industry.
The recent seed funding, generously co-led by 8VC and Crew Capital, is set to bolster Aktos’s mission of crafting an AI-driven operating system for the debt collection sector, a vast market estimated to be worth around $20bn.
Aktos’s platform manages the entire accounts receivable management workflow for debt collectors. This includes managing consumer communications, compliance, payments, and invoicing. This comprehensive solution offers debt collectors a seamless experience, blending simplicity and ease of use with robust enterprise-grade features that cater to all sizes of agencies.
Aktos will deploy the new funds to amplify its mission and accelerate its growth, essentially reshaping the landscape for debt collection agencies. By addressing the issues faced by these agencies, such as archaic software systems and inefficient communication methods, Aktos is poised to revolutionise the debt collection process and mitigate the need for costly administrative staff.
The platform’s key selling point is its ability to meet consumers in their preferred communication channels. It offers a modern, end-to-end operating system for collection agencies, complete with full API integrations. These integrations enable it to work smoothly with an agency’s existing technology solutions, leading to improved outcomes for both agencies and consumers.
Aktos CEO Peter Wang spoke passionately about the issues facing traditional collection agencies, “Most collection agencies are small businesses run by honest, hard-working folks who play an underappreciated yet critical role in the US economy,” he noted. “They’re being crippled by their outdated software, and are forced to rely on DOS-based and AS400-based systems that were built 20-30 years ago.”
On top of its recent funding round, Aktos’s forward momentum is palpable, with the firm onboarding new customers every month. This includes major agencies boasting hundreds of agents, further establishing its status as an industry disruptor.
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