Debt resolution technology company Ophelos has successfully secured £5 million in seed funding, with AlbionVC leading the round.
The investment also saw participation from notable investors such as Vast Ventures, Form Ventures, Connect Ventures, Fly Ventures, and prominent individuals like Matt Robinson, co-founder of GoCardless, and James Meekings, co-founder of Funding Circle.
Ophelos aims to transform how debt is managed through its innovative platform, leveraging machine learning and advanced analytics to pinpoint customers who may be struggling with debt. This platform empowers users to take control of their financial situations by offering a digital self-service solution, which allows them to settle debts via options like buy now, pay later (BNPL) or tailored installment plans.
Since its launch last year, Ophelos has already partnered with three of the UK’s largest energy retailers and several fintech companies, including Yonder, Plend, and Butter.
Amon Ghaiumy, CEO of Ophelos, highlighted the urgency of their mission, stating, “The past year has brought about a cost of living crisis that has severely affected millions. As debt increasingly burdens households nationwide, it is crucial for collections departments to embrace automation and adopt modern technology, rather than relying on outdated debt collection methods.”