ClearGrid, a Dubai-based startup founded in May 2023, aims to modernize debt collection through AI technology. With $10 million in funding, the company focuses on assisting banks and lenders recover debts without harassment. CEO Mohammed Al Zaben, inspired by challenges in payment collection during his previous startup, recognizes the debt collection sector as antiquated, relying on outdated methods like pen and paper. As consumer lending grows in the Middle East, ClearGrid seeks to enhance recovery practices while aligning with emerging consumer protection regulations.
"When we spoke with collectors, it was clear the industry was stuck in the past - some agencies still used pen and paper, and the most advanced relied on basic CRMs."
"Debt collection was a people-driven business where collectors relied on scare tactics and harassment. Borrowers had a terrible experience, and Saudi and UAE regulators were beginning to prioritize consumer protection."
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