A startup called Collectly is moving the debt collection process online and providing more transparency around how the process is going. By doing so, the..
Debt collection sucks for all parties involved: For debtors, receiving hassling phone calls and letters in the mail can be demoralizing, especially if they feel they are unable to pay. For debt collectors, letters and calls can go ignored, reducing their ability to get repaid.
To solve both those problems, a startup called Collectly is moving the process online and providing more transparency around how debt collection is going. By doing so, the company is recovering debt at twice the rate of traditional collection agencies.
Collectly was founded by Levon Brutyan, who was managing director of a collections agency in Europe before setting out to reshape the industry with technology. He teamed up with machine learning expert Max Mizotin, who built the platform.
