Disrupts debt industry through a digital platform for debt management
The platform uses machine learning and artificial intelligence helping individuals to improve customer engagement. Personalized emails and SMS messages are sent to customers “at the right moment in the correct language” to encourage them to make immediate payments in their entirety, to set payment terms, or to request reminders.
Credit Clear claims that the platform’s “secure and robust” design allows businesses to manage challenges and build long-lasting relationships with customers. This helps them to increase fundraising success.
Increasing customer base
Credit Clear launched in 2017 and has since managed more than 3.6 million invoices. Credit Clear has also collected more $ 180 millions for clients. Credit Clear has increased its debt collection rates by 30%.
After raising $15 million through an initial public offering (IPO), the company also became listed on ASX last month. The proceeds were used to accelerate the development of its proprietary technology platform.
She serves many blue-chip clients in a variety of industries, including financial providers Bendigo Bank, ME Bank, Prospa, SocietyOne, Suncorp Insurance Company, ASX: SUN), utility providers Kleenheat Synergy, Horizon Power, and public water companies throughout Western Australia, South Australia, and South East Victoria.
Additionally, he works with automotive clients, such as Toyota Finance Australia and BMW, as well as tire maker Bridgestone. He also manages the Seek employment platform (ASX : SEK), and government agencies like Queensland Health and Public Transport Victoria.
Credit Clear had strong fiscal 2021 results, with record revenue of $ 11. million. This is up 70% from fiscal 2020.
This is $3.5 million in digital revenue, an increase of 147% over the prior year. The digital gross profit margin was 94%. It shows that digital technology is being increasingly adopted.
“Our innovative digital solution continue to show a strong pullover traditional collection methods as evidenced by high conversion rate of over 1,250%,” said the company.
Credit Clear boasts 967 active clients, 3% more than last years, a client retention ratio above 99%, and 82 new clients. According to Credit Clear, its retention rate is due to its “high engagement level and exceptional feedback.”
It had $ 10.7 millions in cash and equivalents at the end June. This was mainly due to the cash injection of October 2020.
New CEO to lead the growth strategy
Credit Clear started fiscal 2022 with David Hentschke being appointed Managing Director. He will be leading an ambitious strategy to increase revenue, expand technology platforms, and explore international opportunities.
Hentschke was a leader in a number of high growth tech companies. He has been responsible for strategy, international development, and corporate issues at the recently listed $ 3B real estate settlement company PEXA Group. (ASX: PXA). . He was also a member the management team at Equigen, a private credit tech company. Equigen was later acquired by Data Advantage (now Equifax Australia).
“Credit Clear continues to drive change in payments and customer engagement with its scalable software-as-a-service offering and cutting-edge technology. “I look forward to working alongside the team to further develop our next-generation technology and dramatically improve customer experience and deliver shareholder benefit,” stated Mr. Hentschke.
Credit Clear is planning to build and deploy a “new, exciting” platform functionality. Credit Clear also aims to leverage its digital core capability to grow its market share in target verticals.