Receeve, a German collection and recovery platform that is currently focusing on the European and South American markets, announced that it has secured ABN Amro — the third-largest bank in the Netherlands not only as a client, but also an investor, part of a $16 million investment round.
Receeve, whose customers include banks, utilities, telecoms, and other creditors, gives the company a plug-and-play collection platform that can be layered on top of their existing technology systems to help them recover more money — potentially without the need for placing debts with a collection agency.
Making the platform even more attractive to creditors is that Receeve’s platform is no-code, meaning it can be integrated in a manner of weeks and allows companies to “see results immediately,” according to Receeve’s website.
Originally, Receeve raised $13.5 million for its seed round, with investments from Seaya Ventures and 14W, to go along with existing investors Mangrove, Speedinvest, and Seedcamp. Then, along came ABN Amro. ABN Amro’s investment bumped Receeve’s seed round go $16 million while also giving the platform a huge new client.
“Receeve’s approach and growth trajectory immediately intrigued us,” said Hugo Bongers, head of ABN AMRO Ventures, in a statement. “We look forward to collaborating with the whole team to not only deliver great value to ABN AMRO, but we are excited to partner as investors to fuel growth and expansion and build a market leader across Europe and beyond.”
ABN Amro will use the platform to help its customers who “are most vulnerable,” according to the report.
“Both companies share a vision on delivering advanced data and digital solutions to build the best customer experiences,” said Paul Jozefak, Receeve’s Chief Executive Officer, in a statement. “The commitment to innovation is reflected in ABN AMRO Ventures partnering with Receeve to help forge the solution roadmap and be the leader in creating a better journey for the most vulnerable customers while at the same time providing tools to its employees to continually improve their experience as well. We’re delighted to work with ABN AMRO and help the bank dramatically improve automation and engagement and to truly make software deployment seamless.”
