Singapore-based fintech startup AsiaCollect has rebranded into Flow and raised USD 6 million in a Series A funding round, the company announced on Wednesday. The round was led by DEG, a subsidiary of the German KfW Group, as well as Dymon Asia Ventures, SIG Asia, and SCB10X, the venture arm of Siam Commercial Bank.
The company will use the fresh capital to boost Flow’s growth initiatives including geographical expansion and the further development of its AI models, such as the predictive analysis of borrower behaviors and speech recognition.
Founded in 2016, Flow claims to bring international standards of ethical debt collection to the non-performing consumer loans (NPL) market in Asia. It helps banks and non-bank lenders to recover their NPLs by contacting debtors via automatically generated SMSs, interactive voice recordings, and predictive dialing systems. Flow is currently active in Vietnam, Indonesia, and India, where it has supported more than 2.8 million consumers so far.
In an official statement, Flow said it will remain committed to promoting ethical debt collection and improving financial literacy in Asia.
“Flow as a new brand signifies our evolving position, growing as a credible and tech-driven partner. Unwavering commitment to our values remains the same—serving consumers ethically and responsibly,” said co-founder and CEO Tomasz Borowski.
Series B in the making
The firm said it achieved growing recovery rates and consumer engagement through its AI-powered automation and collections strategies, making a positive impact on the industry. “By implementing advanced technology to humanize debt collection, and firmly supporting only responsible lenders, we are proving every day that the collections market in Asia can be transformed,” said Borowski.
Flow said it is already planning to raise a Series B round in a combination of equity and debt. The capital is expected to help lenders clean up their balance sheets following a surge in NPLs due to the COVID-19 crisis.