Global Debt Registry Secures $7M in Series A
WILMINGTON, DE, First independent debt repository for storing and tracking consumer debt, today announced it has secured $7 million in Series A funding.
Global Debt Registry ('GDR'), the first independent debt repository for storing and tracking consumer debt, today announced it has secured $7 million in Series A funding. The new funding allows GDR to further address the needs of large creditors, debt buyers, and collection agencies that support and service the $3.4 trillion consumer debt market in the United States, including credit cards, home equity, auto and student loans, as well as medical, utility, telecom and government related consumer debts.
'This investment is a major milestone in support of our mission to digitally transform the way the financial services industry stores and manages information on charged off consumer accounts. We are pleased to see growing market support from a variety of sources to take this business to the next level.'
The investment will be used to accelerate sales growth and expand operations to support its growing client base. GDR will use the funding to boost sales and marketing efforts to further penetrate the credit card market as well as to expand into new asset classes within the consumer debt market. Additionally, the funds will help bolster service and support functions.
The funding comes on the heels of a landmark year for the company. It was marked by significant increases in customer traction, including increased demand in new asset classes beyond credit card debt, and major media attention, including features in the New York Times Magazine and American Banker. In addition, GDR launched its new Debt Lookup product, the first ever consumer validation tool for debt collection.
GDR's solutions are at the forefront of industry reforms currently being considered by multiple industry regulators. 'Global Debt Registry offers financial institutions a better way to track, store and share critical non-performing account data with authorized consumers and vendors. The Consumer debt market is one of the last major financial asset classes to not utilize a digital registry, leading to inefficiencies, risk, consumer confusion and increasing regulatory scrutiny,' says Mark Parsells, Chairman and CEO of GDR. 'This investment is a major milestone in support of our mission to digitally transform the way the financial services industry stores and manages information on charged off consumer accounts. We are pleased to see growing market support from a variety of sources to take this business to the next level.'
GCA Savvian Advisors, LLC acted as the exclusive financial advisor to the funding round.
About Global Debt Registry
Global Debt Registry enables large enterprises to securely store data and documents on non-performing accounts to facilitate better collection outcomes, whether placed with collection agencies or sold. GDR enables authorized vendors and third parties to securely access critical information to support proof of ownership and substantiate the debt, as well as transparency to consumers via the free application Debt Lookup. Global Debt Registry was identified by American Banker as one of the strongest new ideas at Finovate last fall. Clients include large creditors as well as debt buyers and their collection agencies. (www.globaldebtregistry.com)
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