Lexop Secures $1.8M in Seed Funding to Remove Friction From In-House Collections
MONTREAL, Jan. 28, 2020 /CNW Telbec/ - Lexop, a fintech startup whose platform allows enterprises to collect on past-due accounts seamlessly, announces the close of a $1.8 million seed round.
The round was led by Anges Québec, Canada's largest angel investors network, with strategic participation from a major Canadian financial institution.
"The members of Anges Québec are thrilled to participate in this new round of funding with Lexop, which should position this North American player to achieve critical mass in the in-house collections market," said Michel Lozeau, angel investor and Vice-Chairman of the Board at Anges Québec.
The new funds will fuel its sales and marketing efforts, as well as accelerate product development. The company plans to double in size over the next 12 months and expand its software-as-a-service (SaaS) to telecommunication, financial and utility companies across Canada and the United States.
"Millions of people have past-due accounts, not necessarily because they are delinquent payers, but because companies aren't using the best channels to reach and engage with them, argues CEO and co-founder Amir Tajkarimi. At Lexop, we believe that giving customers the autonomy to choose when and how to pay their outstanding balance is key. Consumers want flexibility, and companies that put customers first are rewarded with higher self-cure rates and better retention."
Lexop automates outreach to thousands of accounts and makes paying an outstanding balance as painless as possible. This translates into less overhead for customer service and tangible savings for companies' provision for credit losses.
"Our solution has been very well received by the market," said Head of Growth Jean-Oliver Bouchard. "And the results speak for themselves."
Lexop counts Videotron as a client since January 2019. The Canadian telecommunication company has seen its collection rate increase by 27% in less than 6 months, as well as a 10% decrease in operational cost.
"We explored many interactive solutions that promised to optimize our collection process," said Antoinette Noviello, VP and Corporate Controller at Videotron. "Lexop was the most non-intrusive and agile solution that firmly aligned with our mission to put the customer first."
About Lexop
Lexop is a Montreal-based fintech startup that's leading a change in the collections industry and impacting the lives of tens of thousands of people every day. Its customer-centric software-as-a-service helps world-class companies remove friction from collections by offering the most flexible self-service payment experience to their past-due customers.
About Anges Québec
Anges Québec is a network of 250+ angel investors who invest time and capital in innovative Quebec companies with high growth potential. The members of the Anges Québec network have, to date, invested more than $100 million in the Québec economy, with more than 265 investments in more than 137 innovative companies.
SOURCE Lexop
Amir Tajkarimi, CEO at Lexop, 514-245-6007, [email protected]
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