Debt collection

A conversation with Amon Ghaiumy, CEO and founder of the start-up FinTech Debt Collection: Ophelos

Ophelos is a technology company dedicated to building a fairer debt settlement process for businesses and their clients. We combine machine learning technology with a caring, empathetic and caring approach to simplify, digitize and automate the traditional debt collection industry while empowering businesses and their clients to take control of their financial health.

We founded Ophelos in 2021 and have developed proprietary artificial intelligence and machine learning technology to determine the best way to interact with customers and help them solve their debts through more manageable and personalized repayment plans. . Using machine learning technology, we can also better identify vulnerable people and help businesses manage customers who may be facing debt problems, with an ethical approach. At the same time, we give our clients essential information about the financial well-being of their clients so that they can learn from their clients and make better and fairer business and product decisions.

How did you come up with the idea for the company?

Businesses today often rely on outdated collection agencies that struggle to collect unpaid debts, spend too many resources on inefficient business processes, and lack the tools, intelligence and knowledge to support businesses. financially vulnerable clients.

Meanwhile, individuals and families feel out of control throughout the debt collection process due to rigid repayment options, outdated communication methods used by traditional debt collectors, and a lack of accountability. digital tools to manage their debts.

Ophelos was created to tackle these issues and challenge traditional collection agencies. By digitizing and automating the debt settlement process, we want to help businesses develop more positive approaches to debt settlement, while engaging customers and empowering them to take control of their finances.

How has the business evolved during the pandemic?

Ophelos was founded in the midst of the pandemic, in April 2020. Unlike other companies looking to get started after the pandemic, we felt this was an important time to hit the market as we see more and more more individuals and families face financial hardship. conditions. As of June 2021, research showed nearly 9 million people were in debt overhang, and around 250,000 independent businesses are expected to close after pandemic support ends.

While debt resolution is by no means a new challenge, it is certainly one that has resurfaced in light of the recent pandemic and we hope a solution like Ophelos can help tackle good. many of the sensitivities that have arisen in a more accessible way. path.

What can we hope to see from Ophelos in the future?

For our immediate future, we seek to expand Ophelos’ impact in the debt resolution industry, as well as partner with like-minded organizations. Most recently, we announced our partnership with Butter, a Buy Now Pay Later provider that allows customers to share the cost of their lifestyle, online and in-store purchases. Butter is also the only BNPL in the UK that allows customers to share the cost of their travel, interest-free.

As part of this partnership, Ophelos will manage Butter’s late stage debt resolution process. With increasing sensitivities regarding the use of BNPL products and increasing consumer debt, we hope to partner with similar companies to develop fairer and more ethical approaches to debt resolution for those who use BNPL products. .

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