ClearGrid's AI-driven approach categorizes borrowers based on their ability to pay and structures repayments into manageable chunks, improving recovery rates and reducing costs. The startup charges a percentage fee on recovered amounts and is already profitable in the UAE, with revenues growing 30% month-on-month. ClearGrid plans to expand into Saudi Arabia and aims to significantly increase revenue and accounts managed in 2024. The company also intends to double its engineering team to build a comprehensive credit orchestration infrastructure for the region. Investors include Beco Capital, Nuwa Capital, Raed Ventures, and notable angel investors.
Key takeaways:
- ClearGrid, a Dubai-based startup, is modernizing debt collection in emerging markets using AI, aiming to improve borrower trust and reduce costs.
- Founded in May 2023, ClearGrid has raised $10 million in funding and is already profitable in the UAE, with plans to expand into Saudi Arabia.
- The platform automates 95% of its operations, using AI to score repayment likelihood, predict customer behavior, and personalize outreach, resulting in significant cost reductions and improved recovery rates.
- ClearGrid's investors include prominent VCs and angel investors, and the company plans to significantly increase its revenue and borrower accounts managed in 2024.