Berlin-based digital debt collection outfit Pair Finance has raised €2 million from existing investors after crossing the profitability threshold in 2019.
Currently, more than 250 companies work with Pair Finance, which offers digital debt collection services based on artificial intelligence, enabling companies to collect outstanding receivables more efficiently compared to traditional methods. Customers include Klarna, Zalando, Sixt, Grover or the Jochen Schweizer mydays Group.
Existing investors finleap, online fashion portal Zalando, and the venture capital company Yabeo participated in the capital increase. Ex-Deutsche Bank PFK board member Ralph Mueller has also joined the round.
Says Muller: "We are currently experiencing a fundamental structural change in the financial industry. Pair Finance is playing a decisive role in the market for receivables management and, with its new AI technology combined with clear customer orientation, is creating a real upheaval.
The company says it will use the new capital to invest in the development of new products along the value chain and improve the AI algorithms driving the debt collection platform.