In the MENA region, traditional debt collection faces challenges with outdated systems and practices. ClearGrid, having secured $10 million in funding, aims to change the game by integrating AI into debt management processes.
Challenges of Traditional Debt Collection
Traditional methods in MENA rely on outdated systems and aggressive tactics, damaging borrower trust and reducing efficiency. As consumer lending expands and regulators demand fairer practices, outdated methods become untenable.
ClearGrid's Innovations in Debt Management
ClearGrid is implementing an AI-driven platform to modernize debt collection, making it more efficient and ethical. With $10 million in investments, the company has already shown significant success working with banks and fintechs in the UAE, reducing collection costs by 50%.
Growth Plans and Future Vision
ClearGrid plans to '10x' its revenue and double the number of managed accounts in 2024. With the new investments, the company aims to expand into the Saudi Arabian market and double its engineering team to enhance its platform.
ClearGrid is transforming debt management in the MENA region. By leveraging AI, the company is not only enhancing collection efficiency but also building trust with customers, paving the way for new fintech opportunities.
