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Follow on Google News | Convoke Systems raises $5.5 MillionConvoke Systems raises $5.5 Million in Series B Funding, led by Flybridge Capital Partners and QED Investors - The leader in automating and accelerating consumer debt information for the financial services industry prepares for expansion
By: Convoke Systems Delivered in a software-as- “Our mission is to fundamentally change the way information supporting debt is managed and moved throughout the industry,” said Founder and President of Convoke Systems, Gary Portney. “Today we are accelerating the delivery and transforming the accuracy of the information that debt buyers, servicers and collectors need when communicating with consumers and attempting to recover legitimate debt obligations.” As part of this funding, QED Investors partner and former Capital One executive Frank Rotman, together with Jeff Bussgang and Matthew Witheiler from Flybridge Capital Partners, will join the company’s board of directors. “We are thrilled to back Gary and the Convoke team,” said Jeff Bussgang, general partner, Flybridge Capital Partners. “The company is coming to the market at a crucial time in the rapidly developing recoveries market. The lack of systems and standards results in a huge unmet need for the timely and accurate delivery of account data and the supporting information necessary to validate and verify consumer debt. Convoke is well-positioned to become the leading solutions and service provider for the recoveries marketplace and the focal point for consumer debt registration.” “As the former president of a top 10 credit card issuer, I appreciate the extraordinary need for the Convoke solution in the industry,” said Nigel Morris, QED Investors managing partner and co-founder of Capital One. “The company is quickly becoming the standard for credit issuers and those that service and buy their debt.” The collections and recovery industry is a vital part of the overall US economy, returning over $50 billion each year to the financial system. Yet in the midst of the economic meltdown and the resulting financial reform, it has come under fire from the United States Congress, Regulators, State Attorney Generals and legislators throughout the country as thousands of complaints continue to be reported to the FTC (Federal Trade Commission) and states attorney’s generals about debt collectors allegedly using unfair and deceptive practices. This was magnified by the July 2010 FTC Report “Repairing A Broken System: Protecting Consumers in Debt Collection Litigation and Arbitration” About Convoke Systems Founded in 2006, Convoke Systems, Inc., manages, automates, and accelerates accurate business information for the recovery of debt. The Company is a PCI Compliant Software-as- About Flybridge Capital Partners Flybridge Capital Partners is an early-stage venture capital firm whose mission is to assist entrepreneurs in growing innovative, global companies. With $560 million under management, the firm is focused on investing in consumer, energy, healthcare and information technology markets and is led by a team with domain expertise and more than half a century of combined experience in venture capital. For more information, visit www.flybridge.com. About QED Investors QED Investors is a boutique venture capital firm that invests in information- # # # Founded in 2006, Convoke Systems, Inc., manages, automates, and accelerates accurate business information for the recovery of debt. The Company is a PCI Compliant Software-as- End
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