DebtStream Solutions raises £1.1m in seed funding from Ascension to expand its digital collections platform.
The round was led by Ascension through its Fair By Design Fund with backing from Fin Venture Capital and angel investors.
DebtStream Solutions builds digital platforms for debt collections and arrears management, helping firms engage customers through online channels. The company provides software to support borrowers in financial difficulty.
DebtStream Solutions has secured £1.1m in a seed funding round led by Ascension's Fair By Design Fund. The round also drew participation from Fin Venture Capital alongside several angel investors, including Chris Adelsbach and John McAndrew. The fresh capital will be directed towards expanding the engineering and client set-up teams, as well as developing a rapid deployment model for clients.
The company was established by founders Gareth Bailey, Martin O'Donnell and Leo De Freitas to modernise how borrowers manage arrears. Alongside the investment, Ken Stannard has joined the company's board as chairperson. The fresh funding follows growing demand from creditors for digital collection alternatives to traditional call centres.
From the founder
"We’re thrilled to have Ken join our board, his depth of experience and proven record of delivering strong growth across financial sector companies make him an excellent addition as we build our global delivery capability"
Gareth Bailey
CEO at DebtStream Solutions
Investor perspective
"Due to the lack of innovation in the debt collection sector, borrowers are more disconnected than ever with debt collection agencies and lenders. Debtstream aims to improve the collections process by fostering honesty and trust between the borrower and debt collector through personalised repayment plans. The Debtstream team is highly driven and focused on improving the visibility of the collections process to benefit both borrowers and debt collectors. We’re excited to be leading this investment round from our Fair By Design Fund which aims to tackle the Poverty Premium."
Sam Marchant
Ascension
Use of funds
- 01Grow the team
- 02Continue product development
Investors
About the company
DebtStream Solutions
DebtStream Solutions provides digital debt collection platforms for lenders and creditors.