Debt Resolution Technology Firm Ophelos Secures £5M in Seed Funding Round

Debt resolution technology firm Ophelos has raised £5 million in a seed funding round.

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The round was led by UK venture capital firm Albion Capital and included participation from Vast Ventures and Form Ventures, as well as existing investors and angel investors.

The Ophelos debt resolution platform uses machine learning and advanced analytics to identify potentially vulnerable customers in debt. It then offers customers a digital self-service option that lets them resolve their debts on their terms - for example, through BNPL or over a number of personalised instalments.

Launched last year, the firm has already signed up three of the largest energy retailers in the UK as well as fintech brands including Yonder, Plend and Butter.

Amon Ghaiumy, CEO, Ophelos, said: "The past year has seen the cost of living crisis reach almost unbearable levels for millions of people, and debt will inevitably impact a majority of households across the country."

"With pressure growing on collections departments as a result of increased collections volumes and staff shortages following the pandemic, there is dire need for automation and better use of technology by businesses in this space, rather than on relying on antiquated debt collection agencies."