ClearGrid: Modernizing Debt Collection in Emerging Markets with AI

ClearGrid is a Dubai-based startup aiming to modernize debt collection and recovery in emerging markets with the help of AI. The company has emerged from stealth with $10 million in funding and aims to help banks, fintechs, and lenders recover more debt without resorting to customer harassment.

ClearGrid leverages AI to automate the collections process, using AI to score repayment likelihood, predict customer behavior, and personalize outreach across communication channels. The company claims its platform can cut collection costs by 50% and has managed hundreds of millions in debt portfolios since its launch in 2024.

ClearGrid makes money by charging a percentage fee on recovered amounts and is already profitable in the UAE. With the funding raised, the company aims to 10x revenue and accounts managed in 2024 and double its engineering team in the next fiscal quarter. The investors in ClearGrid include Middle East and North Africa-focused VCs Beco Capital, Nuwa Capital, and Raed Ventures, along with prominent angel investors such as Anu Hariharan, Amjad Masad, Jason Gardner, and Justin Kan.

Source: Tech Crunch