Debt resolution technology firm Ophelos has raised £5 million in a seed funding round led by AlbionVC.
Vast Ventures, Form Ventures, Connect Ventures and Fly Ventures and angels including GoCardless co-founder Matt Robinson and Funding Circle co-founder James Meekings participated in the round for pending B-corp Ophelos.
The Ophelos debt resolution platform uses machine learning and advanced analytics to identify potentially vulnerable customers in debt. It then offers customers a digital self-service option that lets them resolve their debts on their terms - for example, through BNPL or over a number of personalised instalments.
Launched last year, the firm has already signed up three of the largest energy retailers in the UK as well as fintech brands including Yonder, Plend and Butter.
Amon Ghaiumy, CEO, Ophelos, says: "The past year has seen the cost of living crisis reach almost unbearable levels for millions of people, and debt will inevitably impact a majority of households across the country.
"With pressure growing on collections departments as a result of increased collections volumes and staff shortages following the pandemic, there is dire need for automation and better use of technology by businesses in this space, rather than on relying on antiquated debt collection agencies."