Kolleno, a FinTech working on simplifying B2B accounts through automated key credit control functions and intelligent omnichannel communication, has been trying to help out with late payments, Forbes reported Thursday (April 28).
Dimitri Raziev, the CEO and founder of the London-based FinTech, said he saw an opportunity to help support B2B firms and get a handle on late payments, getting the idea when he worked at a hedge fund.
According to him, the nonperforming loans market was oversaturated for things like cash collection, and there wasn’t a lot of innovative customer relationship management (CRM) software that could get a good handle on cash flow management.
“The collections industry is behind the curve on its adoption of technology, so we saw an opportunity to create a 21st-century accounts receivable management and credit collections platform,” Raziev said.
Forbes wrote that Kolleno’s solution is intended to provide businesses and enterprises of various kinds with a 360-degree view of their receivables, helping them bolster financial productivity and optimize capital. Raziev said that the digitization of the credit control cycle would be able to make a platform for B2B businesses to streamline payments for clients.
“Kolleno adds a human touch to messaging using key principles of behavioral economics,” he said. “Through omnichannel, in-app personalized communication methods including email, SMS, and phone call, we facilitate client relationships by using an intelligent approach to communicating with customers.”
In March, PYMNTS wrote that there has been greater demand for collections as of late, but less ability on the payment side.
In an interview with PYMNTS, Raziev said this came from the pandemic and its various impacts on businesses and cash flow.
“During the pandemic, clients realized that digitalizing credit control helped them to improve their gross margins,” he said at the time. “A lot of clients, they focused on the top line, but the pandemic made them realize if they want to make their working capital working better, if they want to have improvements in cash flows, the only way that they can do that is basically accelerate payments.”