Flow has raised an undisclosed round of debt capital via Genesis Alternative Ventures to facilitate the company's growth in loan portfolio acquisition, it announced on Wednesday in a statement.
This is the first time the company has explored debt as an additional funding strategy, and Flow plans to use the funds to acquire multiple portfolios in Vietnam, Indonesia, and other select countries where there are anticipated strong growth trajectories.
NPL purchasing is a significant business vertical for Flow, which works with financial institutions that provide consumer unsecured loans and uses an automated system that leverages psychology metrics to convince debtors to settle their debts.
«The relationship with Genesis supports Flow's mission of promoting ethical, responsible collection and financial inclusion to empower consumers in underserved economies in Asia,» the announcement said.
Rapid Growth
The Singapore-based startup was established in 2016 to transform the decades-old debt collection business using AI and ethical practices. It began operations in Vietnam, and later expanded to Indonesia and India.
Earlier this year, the company secured $6 million in a series A funding round, and said it had its sights on expansion in the Philippines and Thailand in 2020.
