So far, clients of Dmytro Raziev and Ron Danenberg have reported over 90% of foreclosures and receivables. (Image: kindly)
GUEST BLOG. Working in an investment fund specializing in fintechs, Dmitry Raziev noted that B2B companies find it difficult to cope with late payments.
Not only was the market for problem loans in terms of foreclosures saturated, but there was also no innovative software to manage customer relationships to effectively manage cash flow.
“The collection industry is lagging behind in technology. So we saw an opportunity to create a platform for managing receivables and debt collection in the 21st century, ”he said. Thus was born Colleno.
After his birth in the former Soviet Union, Dmitry Raziev’s family emigrated to Israel and then moved to Montreal, where he studied accounting and finance at McGill University.
He then moved to London, England, where he earned a master’s degree in economics from University College London, and then worked as an analyst at several major financial services companies, including Goldman Sachs and Credit Suisse.
Dmitry Raziev founded Kolleno together with Ron Danenberg in 2020 to help companies navigate the control of loans and penalties, while maintaining positive relationships with customers.
Thus, it provides key functions of automated credit control and uses intelligent multi-channel communication to simplify the management and collection of B2B customer accounts for medium and large companies.
The individual solution of the firm is designed to provide companies and enterprises in different sectors with an overview of their receivables by 360 °, helping them to increase financial productivity and optimize their working capital.
Over the past 18 months, the startup has raised $ 7 million in initial funding from Eurazeo and Stride.VC with Euler Hermes, HubSpot and a number of angel investors.
“By digitizing the credit control cycle, we provide a platform that allows B2B companies to optimize payments for their customers,” explains the entrepreneur. Colleno adds a human touch to messaging using key principles of behavioral economics. With omnichannel personalized in-app communication techniques such as email, text messaging and phone calls, we make it easier to connect with customers using a smart approach to communicating with customers. ”
The company’s proprietary artificial intelligence (AI) and machine learning technology is a valuable task management tool for the typical credit verifier.
” [Notre] The software uses AI to provide the right timing, tone of voice, content and channel for each debtor, using machine learning to ensure that all payments are received on time, ”adds the author. He regularly lectures at Saïd Business School, Oxford University.
To accomplish these tasks, companies have previously had to hire credit monitoring specialists or assign additional tasks to existing members of their team to manually track the dynamics of customer payments.
Its customers can now save almost 35% of their work week. This precious time can be devoted to tasks with greater added value.
While small businesses or those with 30 to 40 customer relationships don’t necessarily feel overwhelmed by the workload on their accounts, companies with annual revenues of more than $ 5 million need more company technology to centralize their information. on one platform, says boss Kolleno.
So far, his clients have reported over 90% of foreclosures and receivables.
CFOs also recognize the benefits of start-up technology, which provides constant reading of a company’s cash flows.
This technology is supported by the platform’s payment portal, accessible directly from emails or text messages received by the customer, which provides users with a toolbar that highlights data and credit analysis to mitigate risks and reduce bad debts.
Fintech on the rise
Fintech also provides added convenience by offering open API integration and collaborating with leading ERP and other solutions, including Oracle NetSuite, Microsoft Dynamics 365, Sage, Xero, QuickBooks and Clio, to better meet the needs of its customers. Since its launch, the company has acquired customers in the United States, Canada, South Africa, the United Kingdom and Europe.
Kolleno is on track to acquire its first 1,000 customers and position itself as a leading global platform for payment and cash management. Its initial funding will be used to empower startups to offer even more personalized services.
To help businesses thrive, the company seeks to expand product development, internalize sales and marketing, and develop meaningful partnerships across regions.
“We look forward to continuing to support the long-term success of our clients and are grateful for the trust that our investors have placed in us to fulfill our promise,” concludes Dmitry Raziev.
Carl Moore and Stephanie Ricci. Carl is an Associate Professor in the Faculty of Management at Desautels at McGill University. Stephanie is a journalism student at Concordia University. Tom Berger, a bachelor’s degree candidate at the University of McGill’s Desautels School of Management, contributed to this paper.