ClearGrid Raises $10M to Revolutionize Debt Collection in MENA with AI
ClearGrid, has raised $10 million in funding to build the first modern, AI-driven debt collection infrastructure for the digital age. The initiative addresses the inefficiencies in the Middle East and North Africa (MENA) region's debt recovery methods, which have historically relied on aggressive tactics and manual processes that often lead to poor outcomes for lenders and borrowers.
A Modern Solution to an Outdated Problem
MENA's consumer lending market is rapidly growing, standing at $500 billion. This growth has kept the conventional debt collection methods at bay and has outpaced more stringent consumer protection regulations. ClearGrid steps into this scene with the vision of rectifying the situation through an enhanced, AI-driven platform for debt collection, which facilitates faster, efficient, and borrower-friendly results.
Co-Founder & CEO, Mohammad Al Zaben, said, “Collections should be an extension of good lending—not an afterthought. At ClearGrid, we’re reimagining debt resolution from the ground up, giving lenders the intelligence and tools they need to recover capital effectively while creating better outcomes for borrowers.”
AI-Driven Platform for Scalable Debt Recovery
ClearGrid’s platform automates every step of the debt recovery process, from borrower engagement to negotiations. Combining AI, self-service tools, and multi-channel outreach, ClearGrid reduces resolution times and significantly improves recovery rates. The platform allows lenders to scale their operations efficiently while offering borrowers a better experience.
Since launching in 2024, ClearGrid has managed hundreds of millions in debt portfolios, establishing partnerships with major fintech players and leading banks across MENA.
The company has already signed over 10 large enterprise clients, with plans to expand its footprint in the UAE and enter the Saudi Arabian market by 2025. ClearGrid achieved profitability for its UAE operation within a year, but it remains focused on scaling the business rather than immediate profits.
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Transformative Impact on Borrower-Lender Relationships
ClearGrid’s AI-powered automation has delivered impressive results. One major UAE bank saw a 30% improvement in recovery rates by doubling borrower engagement. In the meantime, a top Buy Now Pay Later (BNPL) vendor completely automated its stage one debt resolution process, with 95% of cases resolved without needing a human to touch it. This dramatically improved performance and an excellent customer satisfaction rating of 4.8 out of 5.
The firm has enhanced borrower-lender relations by promoting increased participation, who now positively react to flexible payment terms such as principal forgiveness and payment arrangements, easing financial pressure and enhancing economic stability.
ClearGrid obtained substantial funding, with Raed Ventures and Beco Capital co-leading the pre-seed round and Nuwa Capital and Raed Ventures co-leading the seed round. It also obtained support from institutional investors such as Aramco's Waed Ventures, KBW Ventures, Sharaka, and Wamda Capital.
