Clerkie rakes in $33m for AI-powered financial automation platform
Clerkie, a California-based fintech company, has raised $33 million in a Series A round for its artificial intelligence (AI)-powered financial automation platform.
The financing round was led by New York-based global venture capital and growth equity firm Left Lane Capital.
Other investors including Citi Ventures, Flourish Ventures, Wellington Management Company, Vestigo Ventures, and CMFG Ventures also took part.
The funding round also saw the participation of fintech visionaries – Nubank founder David Velez and Intuit founder Tom Proulx.
Clerkie’s financial automation platform is specifically developed to help Americans ease their debt burden. The company’s systems are said to help borrowers by offering customized debt guidance and workout options for avoiding delinquency as well as building their credit scores.
Dan Ahrens — Left Lane Capital Managing Partner said: “As consumer debt delinquency rises, we believe technology that makes the lending system more efficient and effective for all parties will be critical.
“The Clerkie team’s deep subject matter expertise and commitment to making this process as constructive and beneficial as possible to the consumer stood out. We believe in that mission and look forward to being part of the journey.”
Previously, Clerkie secured $6 million in a seed round during the Covid-19 pandemic and has now accumulated $41 million in capital so far.
The proceeds from the Series A round will be utilized for expanding its engineering team and quickly scaling its debt workout solutions to support more partners and assist more borrowers.
The financial automation platform of Clerkie utilizes several information points to determine and help possibly delinquent borrowers to evade default. The system then provides a variety of workout options for the borrower, which helps them avoid the costly collection process and eventually aids them in easing his or her debts and boosting their financial well-being.
Guy Assad — Clerkie CEO and co-founder said: “The consumer debt market is fundamentally broken for consumers and the creditors that serve them, as evidenced by the predatory collections practices and the crushing amount of debt burdening American families.
“Today, tens of millions of Americans are struggling with their debts and are falling into delinquency. It’s a lose-lose situation for the borrowers and for the banks who are racking up billions in losses.
“Our goal is to support struggling American families by giving them better tools to responsibly fulfill their debt obligations and ease their debt burden.”