Kolleno, a London, UK-based fintech startup specializing in Accounts Receivable (AR) management for SMEs, raised £4M ($5.4M) in seed funding.
The round was led by Eurazeo and Stride.VC, with participation from Euler Hermes, HubSpot and several angel investors including Michael Pennington, Mark Ransford, and Will Neale.
Eurazeo, Stride.VC, Euler Hermes, HubSpot, Michael Pennington, Mark Ransford, Will Neale,
The company intends to use the funds to scale up capabilities and offerings.
Founded in 2020 by Dimitri Raziev, CEO (ex-Goldman Sachs, Fasanara Capital) and Ron Danenberg, CTO (ex-Expedia Group, Vatglobal), Kolleno simplifies B2B credit control and collections for SMEs by automating the management of receivables on one single platform. The platform does cash reconciliation, prioritises the workflow and provides tailored collection strategies by advising the most effective communication channels using AI and machine-learning technology. The customers are approached via omnichannel, in-app communication methods (including email, SMS, and call.) Moreover, the platform has a Payment Portal, which is accessible straight from the email or text received by the customer. The dashboard provides data insights and credit analysis helping to mitigate risks and reduce the number of bad debts.
In addition to automating and streamlining processes, Kolleno’s software offers added convenience by partnering and offering an Open API integration with leading ERP and software solutions, including Xero, QuickBooks, and Clio to better meet the needs of its clients. The software is also equipped with machine-learning technology capable of automating and optimizing the timing, method and delivery of client communications, and offers a variety of efficiency-improving features, such as an actions board and payments portal to simplify follow-up and receipt of payments.
Kolleno has already processed over 170,000 invoices across the USA, Canada, South Africa, UK, and Europe since it launched. In less than 18 months of operation, the startup has already acquired customers across several markets in Europe, the UK, the US, Canada, and South Africa.