Arrears, an innovative startup specialising in AI-driven global payments and finance operations, has been named as AIN’s Startup of the Month. The pioneering debt collection platform developed by Arrears leverages advanced AI technology to streamline and enhance the debt collection process for SMEs across the USA.
It was selected from close to 150,000 startups currently raising on the platform with AIN’s expert panel of judges praising the business for ‘effectively utilising innovation to solve a real-world problem.’
It is also witnessing substantial interest from investors. Arrears’ solution tackles the pervasive issue of late payments, which amounts to trillions of dollars in the United States alone. The startup addresses this challenge by offering a cloud-based solution that grants SMEs access to enterprise-grade software and seamless integration with OpenAI’s GPT-4 technology.
Startup of the Month is an initiative from AIN to champion and celebrate businesses on the platform with great potential and to help raise their profile. In showcasing these startups, AIN’s aim is to highlight the qualities of investable businesses to inspire and educate others. The team at AIN were impressed with Arrears’ utilisation of innovation, product-market fit, and potential for scalability.
According to Arrears founder and CEO Trent McKendrick: “We are delighted to be recognised by Angel Investment Network. Our platform enables efficient debt collection at scale, eliminating the need for a labor-intensive workforce or complex integration. In a short period, we have witnessed significant investor interest in our mission to drive positive change in the debt collection industry. Initially managing just over $20 million of accounts receivable on our platform, we have seen this number double in the past two weeks alone. We’re actively engaging with more investors to highlight the growing demand of our business and our revolutionary platform.”
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