Global Debt Registry, a Wilmington, DE-based debt repository for storing and tracking consumer debt, secured $7m in Series A funding.
Backers were not disclosed.
The company intends to use the funds to accelerate sales growth to further penetrate the credit card market as well as to expand into new asset classes within the consumer debt market, as well as to expand service and support functions.
Led by Mark Parsells, Chairman and CEO, GDR enables large enterprises to store data and documents on non-performing accounts to facilitate better collection outcomes, whether placed with collection agencies or sold, authorized vendors and third parties to access critical information to support proof of ownership and substantiate the debt, as well as transparency to consumers via the free application Debt Lookup.
Clients include large creditors as well as debt buyers and their collection agencies.