AI debt collection startup Ophelos raises £5m

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London-based fintech Ophelos has raised £5m in new funds for its artificial intelligence (AI)-powered solution for the debt collection industry.

Founded in 2021, Ophelos uses machine learning technology to challenge what it considers to be poor practices in the debt collection industry, particularly during a time of increasingly high-interest rates and debt.

Its platform allows customers to resolve debts through manageable, personalised instalment plans and gives businesses insights into the financial wellbeing of customers.

“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,” said Ophelos co-founder and CEO Amon Ghaiumy.

“With pressure growing on collections departments as a result of increased collections volumes and staff shortages following the pandemic, there is a dire need for automation and better use of…

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