OpenWrks Competitors - Debt

Part
01
of four
Part
01

OpenWrks Debt Collection Competitors

Competitors to OpenWrks in the UK, offering either debt collection, advice, or management services, include Flexys, ieDigital, Portfolio+ Inc, HubSolv, CollectAI, Katabat. Details of our findings are presented in the attached spreadsheet.

Flexys

  • The UK-based company was established in 2016 by a group of debt management solutions specialists.
  • The company has developed three software platforms for debt management and recovery, i.e., Collaborate, Collect, and Contain.
  • Flexys incorporates the latest technologies, such as machine learning, automated litigation, augmented intelligence, and seamless integration.

ieDigital

  • The company started in a small office in London in 1985. ieDigital is credited as the world's first developer of IoT banking platform and smartwatch banking app.
  • Interact is the company's flagship product; it enables financial institutions to enhance customer experiences and scale globally.
  • The company offers flexibility for customers to sign up, engage, self-serve, and manage their debt easily.

Portfolio+ Inc

  • Portfolio+ is a Canadian company that offers open banking platform for financial institutions, collection agencies, and businesses.
  • The company offers a self-serve debt collection app for customers to choose the payment options that work best for them.
  • The app enables automated correspondence with customers on all platforms and offers integrated document management.

HubSolv

  • Established in 2014 by Fraser Hamilton and Lewis Black. The company offers case management solutions for managing recovery and debt collections.
  • HubSolv offers automated management and repayment of debt in a fully compliant environment. Further, the company services nearly 90% of companies in the personal Insolvency industry.

CollectAI

  • Established in 2016, the Hamburg-based company offers product invoices, payment reminders, and white-label payment pages. The company is a subsidiary of a large German e-commerce retailer, the Otto Group.
  • The company offers AI-enabled payment and recovery solutions that generate higher collection rates and increases customer loyalty.
  • The company operates in Germany, Austria, Switzerland, Nordics, and the UK

Katabat

Part
02
of four
Part
02

OpenWrks Debt Collection Competitors - Competitive Landscape 1

Details for OpenWrks debt collection competitors Indebted, Earnup and Truaccord have been provided in the attached spreadsheet. Below is a summary of the findings.

Indebted

  • Indebted is an Australian-based technology platform that leverages machine learning and digital intelligence to offer customer-friendly debt collection services for businesses of all sizes.
  • The company offers three major service lines which include arrears management, loss recovery and purchased servicing.
  • Indebted has received two funding rounds totaling $ 6M.
  • InDebted pricing models are performance-based including variable costs and a fixed fee per account per month. One has to contact the company for exact pricing.
  • Spotcap, Society One, Afterpay, and Money Me are some of the company's main clients.

Earnup

  • Earnup is a US-based consumer-centric financial technology platform that automates the loan payment process for debtors with payment flexibility.
  • Earnup integrates all loans into the platform where users can easily track balances due, upcoming payments and accelerate or pause payments.
  • Earnup has received two funding rounds which include seed funding of $ 3M in July 2016 and series A of an undisclosed amount in December 2017.
  • Pricing for Earnup products ranges as low as $9.95.
  • GreenPath, Mortgage Venture Partners and Freddie Mac are some main Earnup clients.

Trueaccord

  • Trueaccord is a US-based fully automated debt collection platform that uses machine learning and user behavioral analytics to optimize the debt recovery process for enterprises, small businesses, freelancers and other consumers.
  • Some of the company's serviced industries include credit card issuers, consumer loans, real estate, and e-commerce.
  • Indebted has received five funding rounds totaling to $34.5M.
  • One has to contact Trueaccord for pricing.
  • Some of Trueaccord's clients include Yelp, Upwork, and Lendup.



Part
03
of four
Part
03

OpenWrks Debt Collection Competitors - Competitive Landscape 2

Details for OpenWrks debt collection competitors Flexys Solutions, ieDigital, and Portfolio+ Inc., were outlined in they key findings and the attached spreadsheet. Pricing information for products of all companies were not publicly disclosed and clients will need to contact them for details.

Competitor #1: Flexys Solutions

  • Flexys raised their first successful round of funding from Angel investors last 2018. The fund's value was not disclosed.
  • Flexys does not provide the pricing for their products and clients need to contact them for pricing or a demo.
  • The stages of debt served by Flexys and their products covers from early to later stages of the client's debt.

Competitor #2: ieDigital

  • Bank of Ireland, Home Retail Group, The Generali Group, HSBC, and Lloyds Banking Group are some examples of the company's clients.
  • ieDigital's Interact platform "offers a full customer life cycle product, from onboarding to collections and debt management."

Competitor #3: Portfolio+ Inc.

  • Portfolio+ Inc. has no publicly disclosed funding round or raised funds amount.
  • Pricing is not provided by Portfolio Plus and the clients need to contact the company for details.
  • The Bank of Canada, HomEquity Bank, Bishopstown Credit Union, Manulife Bank & Manulife One, and PACE Savings & Credit Union are some of Portfolio's clients.
  • Portfolio+ +Collector solution deals with the early stages of their client's debts.

Research Strategy:

Due to the lack of publicly available information, we could not find 2-4 more clients of Flexys Solutions for debt management.
We searched through the company website and their social media accounts. However, we didn't find any additional clients of Flexys Solutions. We only found content posts of Flexys about their events, and other industry related posts.


Part
04
of four
Part
04

OpenWrks Debt Collection Competitors - Competitive Landscape 3

Details of OpenWrks debt collection competitors — HubSolv, collectAI and Kabatat — have been provided in rows 8-10 of the attached spreadsheet. HubSolv's pricing starts at £150 per month while collectAI and Kabatat offer pricing data only after contacting their sales departments. Below is a sample of the findings.

HubSolv

collectAI

Kabatat

Sources
Sources

From Part 03
Quotes
  • "Underpinned by a robust digital technology platform, all Flexys solutions integrate cutting edge machine learning to enable collaborative self service in early stage collections through to agent empowerment throughout the process, ensuring that collections costs are contained and debts are resolved successfully in line with ever increasing regulatory requirements."
Quotes
  • "Contain is our modular solution designed to manage late stage collections and litigation. In common with other modules in the Flexys enterprise collections suite it shares the same digital platform and harnesses the power of machine learning to deliver a complete solution to address the complex issues of the later stages of the collections lifecycle."
Quotes
  • "“Flexys’s genuine partnership approach is unique within the market and they have a creative and innovative way of thinking. They are always guiding us towards what else technology can do to make our business better” - Mark Porter, Head of Collections, MotoNovo Finance"
Quotes
  • "From its origins as one of the leading home automation specialists in the U.K., the company has since grown to become a financial services technology provider to a growing number of major financial institutions. These clients include Bank of Ireland U.K., The Generali Group, Home Retail Group, HSBC, Ikano, and Lloyds Banking Group."
Quotes
  • "ieDigital was today shortlisted in two categories at the Credit Awards 2019. The categories are ‘Excellence in open banking’ and ‘Best rebrand’."
Quotes
  • "ieDigital’s Interact Digital Banking Engagement Platform offers a full customer life cycle product, from onboarding to collections and debt management."