AsiaCollect Completes US$ 6M Series Funding; Rebrands to Flowby Company Announcement May 13, 2020
Previously known as AsiaCollect, Flow, the credit management company announced today its Series A funding of US$6 million.
The round is led by global institutional investors DEG, a development finance institution and a subsidiary of KfW Group of Germany; Dymon Asia Ventures; SIG Asia; and SCB10X, the venture arm of Siam Commercial Bank.
This round of financing will fund Flow’s growth initiatives including the company’s geographical expansion and the ongoing development of Artificial Intelligence (AI) models such as predictive analysis of borrowers’ behaviours and speech recognition enhancement.
Since 2016, Flow has achieved growing recovery rates and consumer engagement through its AI-powered automation and customer-centric collections strategies. Understanding consumer behaviour is the key driver for effective debt recovery. This personalised approach is not only making a positive impact on a neglected industry, but also empowering close to 2.8 million borrowers represented in the portfolios.
A veteran of the banking industry, Co-Founder and CEO Tomasz Borowski has long witnessed the brutal and unprofessional practices conventional debt collection agencies utilise to retrieve outstanding balances.
“By implementing advanced technology to humanise debt collection, and firmly supporting only responsible lenders, we are proving every day that the collections market in Asia can be transformed,”
“Amidst a challenging COVID-19 environment, the funding attests to the trust that our investors have placed in both our team and our business model.”
On rebranding, Tomasz adds,
“Flow as a new brand signifies our evolving position, growing as a credible and tech-driven partner. Unwavering commitment to our values remains the same—serving consumers ethically and responsibly.”
The company has also embarked on immediately looking to raise a Series B round for debt portfolio purchasing. This will assist lenders in cleaning up their balance sheet caused by COVID-19 led NPL surge.