TrueAccord has closed $5 million in Series A funding led by Khosla Ventures and Caffeinated Capital‘s Raymond Tonsing, with participation from serial entrepreneur and venture capitalist Max Levchin, entrepreneur and Braintree founder Bryan Johnson and Homebrew, among others. Created in 2013 by Silicon Valley tech veterans, TrueAccord is an automated debt recovery platform.
TrueAccord – the first-of-its-kind tech platform that transforms the antiquated debt recovery industry through automation, behavioral analytics and a humanistic approach – launched today. The company, co-founded by a group of Silicon Valley tech veterans also announced it closed $5M in Series A funding led by Khosla Ventures and Caffeinated Capital’s Raymond Tonsing, with participation from serial entrepreneur and venture capitalist Max Levchin, entrepreneur and Braintree founder Bryan Johnson, and Homebrew, among others.
TrueAccord addresses the historical challenges that large and small businesses face annually: billions of dollars lost from unpaid invoices, poor customer service and a low customer retention rate. The company helps bridge the gap between the creditor and the roughly 77 million Americans who currently have debt in collections.
“The debt collection industry has not changed in 80 years and is clearly ripe for innovation,” said Ohad Samet, chief executive officer, TrueAccord. “The TrueAccord platform leverages big data and machine learning as a way to better understand the behaviors of those in debt and work on behalf of companies to successfully recover outstanding payments. Cooperation trumps coercion through our system.”
Using a combination of data intelligence, machine learning and behavioral psychology, TrueAccord helps companies of all sizes recover outstanding payments and approach those in debt in a way that positively encourages them to pay off their balance.
“TrueAccord’s automated and user-friendly solution enables consumers to pay or dispute their financial obligations through an easy-to-use online interface,” said Ben Ling, partner at Khosla Ventures. “They set out to treat people fairly, so companies can maintain an on-brand approach.”
“TrueAccord has the team and technology to transform an archaic industry by reducing friction, increasing transparency and improving efficiency,” said Bryan Johnson, founder of Braintree. “This investment will help the company grow towards its goal of fundamentally reshaping the debt recovery industry.”
A team of tech industry veterans developed TrueAccord: Ohad Samet (PayPal and Klarna); Nadav “Sr” Samet (Google); and Nadav “Jr” Samet (IDF Intelligence Unit 8200). The company already counts major enterprise companies across the online ecosystem and small businesses as customers.
Key features of the TrueAccord proprietary platform include:
•A seamless dashboard that removes the work and stress of debt recovery
•Gathers publicly available data about those in debt, to guide the automated system on how to best approach them
•Uses the latest in behavioral economics research to negotiate with those in debt and understand the root of their inability and/or lack of willingness to pay
•Manages the entire payment process
•Presents key insights back to the merchant
For more information, please visit: www.TrueAccord.com.
Created in 2013 by Silicon Valley tech veterans, TrueAccord is an automated debt recovery platform that bridges the gap between the creditor and those in debt. TrueAccord works with small and large businesses to recover the billions of dollars in lost revenue and works with those in debt to create flexible payments solutions.
TrueAccord has developed a fully automated system that uses behavioral analytics, machine learning and a humanistic approach to help transform the historical antiquated debt recovery industry.
For more information, please visit: www.TrueAccord.com. Follow TrueAccord on Twitter @trueaccord