US-based automated debt collection platform TrueAccord closed a $22m series B round on Tuesday that included Assurant Growth Investing, the corporate venturing unit of insurance firm Assurant.
Venture capital firm Arbor Ventures led the round, which also featured Nyca Investment Partnership, Caffeinated Capital Fund, Felicis Ventures, TenOneTen and Crystal Towers.
Founded in 2013, TrueAccord has developed a platform that uses machine learning to power a decision engine that personalises a consumer’s debt collection experience based on their behaviour.
The software allows users to negotiate their payment arrangements and debt burden, request documentation and even report bankruptcy. It adjusts its contact methods, frequency and tone depending on how users respond to previous contact attempts.
The funding will be put toward client acquisition and retention, product development and the expansion of TrueAccord’s team. Its current clients include creditors as well as online-focused companies such as Yelp and LendUp.
TrueAccord closed its series A round at $5m in 2014, securing capital from Khosla Ventures, Homebrew and angel investors Raymond Tonsing, Max Levchin and Bryan Johnson.
Ohad Samet, TrueAccord’s CEO, said: “With changing consumer preferences, strong regulatory support for innovation and clients who understand a customer-focused collection process is good for their business, we are experiencing tremendous demand from the market.”