Hamburg-based re:ceeve has increased their seed funding to $13.5 million in its effort to become the leading no-code collections SaaS solution.
Existing investors Mangrove, Speedinvest and Seedcamp all participated in the expansion round, with Seaya Ventures and 14W now on board.
The funding is expected to expand the debt servicing and brokerage capabilities of the platform over the next year.
“Accelerating re:ceeve’s funding trajectory makes perfect sense in light of the fantastic customer response re:ceeve has had in its first year in the market,” says Mangrove Capital Partners’ co-founder Hans-Juergen Schmitz. “These are exceptional early signs of product-market fit, notably in enterprise tech and a testament to the team’s expertise.”
Founded in 2019 by Michael Backes and Paul Jozefak, the re:ceeve platform provides in-house collections and recovery teams the ability to take a digital-first approach when resolving outstanding claims. Jumping on the no-code trend and developed with behavioral science in mind, teams are able to automate processes and gain analytics insights, resulting in maximum recovery.
re:ceeve is specifically targeting industries that provide financing and subscription services such as banks, alternative lenders, utilities and telcos, and provides a digitisation and automation platform.
Currently active in 12 countries, re:ceeve reports processing hundreds of thousands of claims per month.
“Hundreds of billions of dollars have been invested in the last few years digitalizing financial and other services focused on acquiring and assessing the creditworthiness of clients. Nevertheless, collections operations remain very manual and archaic resulting in frustration for customers and lost money for service providers,” adds Seaya Ventures’ Aristotelis Xenofontos. “As European household finances and debt obligations are expected to come under pressure in the near term, we expect the urgency to modernize collections to increase substantially and re:ceeve is well-placed to help organizations do so”
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