ClearGrid raises $10 million to modernize and automate debt assortment within the Center East 

UAE-based fintech ClearGrid has emerged from stealth after elevating $10 million in a twin funding spherical, it introduced in the present day. The pre-seed spherical ($3.5 million) was co-led by Raed Ventures and Beco Capital, whereas the seed spherical ($6.5 million) was co-led by Nuwa Capital and Raed Ventures. Extra buyers embody Aramco’s Waed Ventures, KBW Ventures, Sharaka, 9yards Capital, Protagonist, BYLD, Eirad Holdings, Endeavor Catalyst, and Wamda Capital.

Many notable angels additionally participated: former Y Combinator Continuity head Anu Hariharan, Marqeta’s Jason Gardner, Replit’s Amjad Masad, Twitch’s Justin Kan, Kitopi’s Mohammed Ballout, Barq’s Ahmed Alenazi, and Unifoni’s Ahmed Hamdan.

Based in 2023 by Khalid Bin Bader Al Saud, Mohammad Al Zaben, and Mohammad Al Khalili, ClearGrid presents an AI-powered debt assortment platform that automates the restoration course of from borrower engagement to negotiations. The startup goals to deal with the fragmented panorama of guide processes in MENA’s debt assortment, which prices lenders billions whereas creating poor outcomes for debtors.

Since launching in 2024, ClearGrid has managed a whole lot of thousands and thousands in debt portfolios and secured partnerships with the most important fintech gamers and main banks within the Center East. The corporate has signed over 10 main enterprise shoppers and achieved profitability for its UAE operation inside a 12 months of launch.

Mohammad Al Zaben, co-founder and CEO of ClearGrid, in an announcement, stated, “Collections needs to be an extension of excellent lending—not an afterthought. At ClearGrid, we’re reimagining debt decision from the bottom up, giving lenders the intelligence and instruments they should recuperate capital successfully whereas creating higher outcomes for debtors.”

He was beforehand the co-founder of Munchon, a Dubai-based meals supply subscription platform that was acquired by Careem, in 2022.

The startup’s affect has been substantial, with one main UAE financial institution doubling borrower engagement, resulting in a 30% enchancment in restoration charges. A number one BNPL supplier noticed its early-stage debt decision totally automated—with 95% of circumstances dealt with with out human intervention, leading to doubled efficiency and a 4.8/5 in buyer satisfaction (CSAT) rating.

Omar Majdouie, Founding Accomplice at Raed Ventures, stated, “ClearGrid is tackling a crucial ache level within the MENA debt assortment business with a really progressive strategy. Their AI-powered platform not solely drives vital operational efficiencies for lenders but additionally fosters a extra constructive and sustainable relationship with debtors.”

Khaled Talhouni, Founding Accomplice at Nuwa Capital, stated, “We spend money on founders who see inefficiencies as alternatives for reinvention. Khalid, Mohammad, and Mohammed are doing precisely that with ClearGrid—turning debt decision from a fragmented, outdated course of into a novel industrial alternative. By leveraging AI and automation, they aren’t simply enhancing collections however essentially reshaping how lenders interact with debtors, setting a brand new commonplace for the business.”

ClearGrid plans to make use of the funds to construct cutting-edge collections programs leveraging AI and machine studying, develop a complete SaaS platform for early danger detection and credit score orchestration, and broaden throughout MENA. The corporate’s fast plans embody increasing income within the UAE and getting into the Saudi market in 2025.

In Saudi, the corporate will compete with Ebra, an area fintech that lately raised $2 million for its debt assortment platform.

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