Kolleno, a London, UK-based fintech startup specializing in Accounts Receivable (AR) management for SMEs, raised £4 million ($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.
The company intends to use the funds to scale up capabilities and offerings.
Company: Kolleno Limited
Round: Seed Round
Funding Month: March 2022
Lead Investors: Eurazeo and Stride.VC
Additional Investors: Euler Hermes, Michael Pennington, Mark Ransford, and Will Neale
Company Website: https://www.kolleno.com/
Software Category: AI-powered SaaS Invoice Management software and Collection solutions
About the Company: 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, prioritizes 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. Kolleno has already processed over 170,000 invoices across the USA, Canada, South Africa, the 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.