New investment will allow Lexop to continue the North American expansion of its digital collections software.
Lexop, a self-service software that optimizes the repayment journey for past-due customers, announced today that it raised a round of funding to support the development and expansion of its digital collection solution across North America. The round was led by Companyon Ventures, a Boston-based venture capital firm leading post-Seed investment rounds in B2B software companies.
“This investment will fuel our journey to expand Lexop’s platform across North America and enable companies to retain their past-due customers by facilitating payment and empowering them to self-serve,” said Amir Tajkarimi, Lexop’s CEO and Co-Founder. “Our software is used by many reputable brands but ultimately our vision is to be the number-one recovery and repayment experience for businesses and their customers around the world.”
Launched in 2019, Lexop was developed to help people pay their past-due bills easily by making the collections experience more humane through technology. It sends personalized payment email messages and SMS notifications based on nuanced customer characteristics. Once customers open the email, they are guided to a user-friendly self-service payment portal where they can choose to make a minimum payment, pay in full, or create a flexible payment arrangement. The platform allows companies to monitor, track, and analyze all customer interactions with behavioral data in order to create data-driven repayment outreach campaigns resulting in optimized results.
“The first thing that excited us about Lexop is the modern and humane approach it is bringing to collections, which is something that we all have experienced at some point and hated – whether it is a robo-email from the company or a confrontational call from a collection agency,” said Firas Raouf, Companyon Co-Founder and General Partner. “The close second was Amir and the team; we bought into the passion for the solution and the vision of where it can go.”
Lexop has contributed to an exponential increase in self-cure rates and ROI for mid-to large sized companies in telecommunication, financial services and utility industries. Lexop’s technology plays a significant role in supporting them to adopt humane, innovative solutions in consumer financial health and solvency, all the while reducing expenses and improving customer retention.
Tajkarimi added, “We believe that being late on payments can happen to anyone at any time. Lexop is here to remove friction from collections and make the recovery process better for consumers and more efficient for companies.”
For more such updates and perspectives around Digital Innovation, IoT, Data Infrastructure, AI & Cybersecurity, go to AI-Techpark.com.