Alex Waislitz's Thorney Investments, Regal back Credit Clear ahead of IPO

Rich lister Alex Waislitz’s Thorney Investments has taken a significant stake in debt payment fintech start-up Credit Clear, ahead of a potential float in mid 2019.

The investment from Thorney was part of an $8.5 million capital raise, which was also supported by Regal Funds Management and some high net worth individuals.

The raise was lower than its original target of $10 million, but co-founder Lewis Romano said the round was actually over-subscribed, with the company having made the decision to scale back the raise to $6 million and go after just one international market, the US, rather than expanding to the US, UK and Asia at once.

“The lead manager was Bell Potter and from start to closure it took only three months. A large part of that was due to the strong appetite from investors that we presented the opportunity to, who shared our vision in how we can change the marketplace and recognised the potential and scalability,” Mr Romano said.

“The closure of the round lets us invest more deeply in our technology and focus on the science behind what we do and further invest in the machine learning side of the business.”

Credit Clear automates the debt collection process and facilitates customer communication over Facebook Messenger, SMS or email, which it claims lead to better results than phone calls or letters in the mail.

To read more, please click on the link below…

Source: Alex Waislitz’s Thorney Investments, Regal back Credit Clear ahead of IPO | afr.com