Why SpotJobs co-founder Lewis Romano has switched into fintech and is looking to raise $10 million for Credit Clear
An Aussie fintech company co-founded by Lewis Romano of SpotJobs fame has launched a $10 million Series A fundraising round to help expand the business overseas.
Credit Clear was founded in 18 months ago by Romano and prominent property developer Mark Casey to act as an online, on-demand debt payment service for individuals and businesses. The company has not raised a seed round and to date has been largely funded initially by Casey.
Romano co-founded SpotJobs — one of Australia’s largest job board websites — in 2012 with Jake Williams, before exiting the business in October last year.
A switch into fintech from the recruitment industry might not seem intuitive but speaking to StartupSmart, Romano says the concept for Credit Clear had been “bubbling” in his mind for years and exiting SpotJobs gave him the opportunity to pursue it.
“I’ve always been aware of the acutely poor experience for consumers when it comes to debt and missed payments, screwing around with nine-digit registration numbers and BPAY codes and all that sort of stuff,” Romano says.
“It was an experience that gave me heartburn. Internet banking made sense to me 20 years ago but nothing’s really evolved in the payment space since.”
Credit Clear’s platform is aimed at large enterprise customers that have numerous users needing to facilitate payments, and the startup wants to provide communication and facilitation of payments at “all stages of the debt cycle”. The system uses everyday mobile offerings such as instant messaging and text messaging — and even a touch of artificial intelligence — to improve the experience for customers.
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