November 12, 2021.
I’m excited to announce receeve’s growing expansion into Spain to support both traditional organisations’ and high growth start-ups dedicated to providing a no-code, digital-first approach to resolving overdue claims while supporting their most vulnerable customers’ experience and helping them maintain control in harder times.
Our decision to expand in a high-growth market like Spain was reinforced by our most recent May 2021 funding led by Madrid based venture capital firm Seaya Ventures. Their team has worked with us to accelerate growth in the region by collaborating with its strong network of founders, investors and corporates across Iberia and LatAm.
Additionally in July 2021 receeve was proud to announce its first Spanish customer, ID Finance, who is one of the fastest growing FinTechs in Spain and Europe. Our partnership has driven our product development starting with the introduction of case management to unify account data and continues to fuel innovative ideas and growth on both sides.
We’ve welcomed so many fantastic new colleagues to the team to support the growth in the Spanish market including Pedro Manuel Domingos Monteiro who has joined as our Spain Country Manager and is also responsible for Portugal and LatAm. Pedro comes with more than 12 years heading up Credit Risk and Collections Operations at global financial services organisations across Spain, Portugal and Latin America.
Our Spanish based Customer Success team has doubled in 2021 and continues to expand to help our customers achieve their short-term goals with the receeve platform and to build their longer-term vision. The business development and product teams have grown over 25% in the region and our marketing team is poised to more than double at the beginning of 2022. We continue to hire for positions across departments from software developers, data scientists, to customer success and sales.
As Covid restrictions eased, our team has enjoyed speaking at and attending events in Madrid including South Summit, NPL Management Europe, and Congreso Nacional de Crédito. It has been rewarding to be back in person to meet old friends and get to know new ones.
2022 is truly ambitious for receeve and we look forward to growing with our Spanish FinTech counterparts such as Finnovating and AEFI - Asociacion Espano FinTech e InsurTech, helping to drive innovation and collaboration.
Supporting challenging situations post-Covid and fast growth
2021 has not been straightforward and the uncertainty in economic repercussions has only increased. According to the European Banking Authority, Spain takes third place in the EU with NPLs amounting to €76.9 billion and a 3% share of the EU total. Banks looking to gain an innovative lead in the global arena need to be prepared to offer modern digital services to help consumers address debt and the banks also need a plan to address NPLs to continue to support lending.
E-commerce sales across Europe are expected to increase by $298bn from 2020 to 2025, and Spain is expected to have higher growth as it catches up to some of the more mature markets. With many businesses including high growth startups offering ‘buy now pay later’ (BNPL) options to acquire new customers, there is a need to address the collections detour in the customer journey.
receeve is looking forward to helping organisations in Spain - especially those providing financing and subscription services such as banks, alternative lenders, utilities and telcos - to digitise and automate their collections and recovery processes end-to-end while providing more control to customers to recover faster. Here is a quick overview, narrated by one of our amazing colleagues.
