Taking on manual processes and poor cash flow management that impact SMEs adversely, London-based fintech startup Kolleno has attracted £4 million ($5.4 million) funding. The seed round was led by Eurazeo and Stride.VC, with participation from Euler Hermes, HubSpot and several angel investors, including Michael Pennington, Mark Ransford, and Will Neale.
Founded in 2020 by Dimitri Raziev and Ron Danenberg, the startup simplifies B2B credit control and collections for SMEs by automating the management of receivables on one single platform. The platform does cash reconciliation, prioritises the workflow and provides tailored collection strategies by advising the most effective communication channels using AI and machine-learning technology.
The platform does cash reconciliation, prioritises the workflow and provides tailored collection strategies by advising the most effective communication channels using AI and machine-learning technology. The customers are then approached via omnichannel, in-app communication methods.
Dimitri Raziev, co-founder and CEO, Kolleno said: “Kolleno has been designed to alleviate these challenges by automating manual legacy processes to eliminate errors, ensure that businesses get paid faster and improve cash flows for our clients, some of whom have reported greater than 90% recovery using our platform.”
“The technology has reached a level where it is able to remove repetitive tasks from employees and perform them faster and more accurately, freeing up time for staff to focus on higher value-added activities and speeding up the sales-to-cash timeframe,” said Ron Danenberg, co-founder and CTO, Kolleno.
In less than 18 months of operation, it has already processed over 170,000 invoices and acquired customers across several markets in Europe, the U.K., the U.S., Canada, and South Africa.