Central regions | Finance, business | Technology & innovation
Russian fintech start-up gets Y Combinator backing
31 Mar '17
Collectly, a Russian start-up that facilitates for banks and companies the automation of bad loan collection, has raised $500K from the U.S.’ Y Combinator and an angel investor consortium. Portal Firrma.ru reported the news citing Levon Brutyan, the co-founder of the one-year-old company.
According to Mr. Brutyan, the American accelerator program shelled out $120K, with the remaining $380K coming from some yet-unspecified private investors. The investments were raised in February.
Collectly uses digital communications channels, such as email, open social network accounts, etc., and machine learning technology to analyze each debt case in real time and then generate personified debt collection strategies. The start-up is currently working on a new bot to automate communication.
In November 2016, Collectly announced the raising of $100K from international angel investors and Nordea Startup Accelerator, a Finnish fintech program. The latter invested $12K.
Mr. Brutyan was quoted by Firrma as saying that within a month or two of its demo day with Y Combinator his start-up is expecting to raise a million dollars. No further detail was unveiled at this point.