Emergent Business Group, a collection agency based in Horsham, Pa., has announced its grand opening.
The company is backed by up to $10 million in equity financing by Strandview Capital.
Emergent is being run by Bruce White, who has held varying positions in the credit and collections industry for more than three decades, including stints at Wells Fargo and Fireside Bank, according to his LinkedIn profile. Also on the senior management team is Sam Ison, who is executive vice president of operations, and Kathy Simmermon, who is senior executive director of business development.
Emergent’s facility in Horsham will house up to 150 employees, the company said. The company will aim to collect on traditional loans, credit card and online lending sectors, it announced, on both a first- and third-party basis. The company is seeking placements from large banks, specialty finance, consumer loan companies, and other mid-level financial services organizations, according to its website.
Mike Sekits, a managing director at Strandview, said a “consumer credit crisis” will occur the next time the financial markets correct itself, which happens every 10 years or so.
“Also, due to increased regulation after the mortgage crisis, there has been a lack of investment and innovation in the collections industry over the past seven years,” Sekits said in a statement. “The market is ripe for a state-of-the-art, highly compliant new entrant such as Emergent.”
