Credit Clear has delivered solid results with a 70% revenue increase to $11 million. The increase has come organically from digital revenues, new client wins and high retention rates across their customer accounts across various industries including transport, financial services, insurance, government, and utilities.
This puts them on their way to meeting the aspiration of being leading technology company in receivable management, delivered using proprietary digital billing and communications platform. Both artificial intelligence (AI) and machine learning (ML) are used to increase engagement and improve debt management.
The process uses email and SMS to target customers. While this sounds like standard debt recovery tools, the use of technology has been proven to increase recovery. In the 4 years since launch the company has increased recovery rates by over 300% for customers including Bendigo Bank, Suncorp, ME Bank.
This is a highly competitive (and regulated) market that can be a tough way to make money, especially against large, established competitors - did someone say Collection House?
Incoming CEO David Hentschke has a growth hat, seeking to expand the use of technology as well as investigating opportunities outside Australia. This is a watch to see if he can execute as he does not come from this industry.
The company has also recently added Hugh Robertson, director of equity capital markets at Bell Potter to the board. Robertson currently sits on the board of Envirosuite and Maggie Beer, and brings decades of experience in financial services.