London-based Kolleno has closed its seed funding round on $5.4m (£4m), with Eurazeo and Stride.VC leading the round.
Commitments to the round also came from Euler Hermes, HubSpot and several angel investors including Michael Pennington, Mark Ransford, and Will Neale.
With the fresh access to funds, the FinTech company is planning to extend its capabilities and offerings. To support this, it plans to expand its product, marketing, sales and partnership teams and offerings.
The FinTech company was founded in 2020 by former Goldman Sachs analyst Dimitri Raziev and ex-Expedia Group senior big data developer Ron Danenberg. Their goal was to simplify B2B credit control and collections for SMEs by automating the management of receivables on a single platform.
Kolleno was born from their founders’ experience observing the impact manual processes and poor cash flow management has on SMEs. Its platform handles cash reconciliations, prioritising workflows and tailoring collection strategies through the most effective communication channels.
It also boasts a payment portal which can be accessed by a customer directly through an email or text.
In under 18 months of operation, Kolleno has acquired customers across Europe, the UK, the US, Canada and South Africa.
Kolleno CEO and co-founder Dimitri Raziev said, “Previously, businesses had to hire credit control specialists or give extra tasks to existing members of their team to manually monitor the payment dynamics of customers. An employee had to identify late payers, then prioritize, contact and follow up with individual clients to ensure late payments were received. This was not only time-consuming but also stressful for business owners and often prone to errors.”
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