Dubai-based ClearGrid, an AI-powered debt collection startup, has raised $10 million in funding to modernize debt recovery for banks, fintechs, and lenders in the Middle East and North Africa (MENA).
The funding includes $3.5M in pre-seed and $6.5M in seed investment from Beco Capital, Nuwa Capital, Raed Ventures, and notable angel investors like Replit CEO Amjad Masad and Twitch co-founder Justin Kan.
Fixing Outdated Debt Collection with AI
ClearGrid’s AI-powered platform streamlines debt recovery while avoiding aggressive collection tactics. The system:
- Automates borrower outreach, using AI to personalize communication.
- Predicts repayment likelihood, categorizing borrowers by risk.
- Reduces collection costs by 50%, while increasing recovery rates.
CEO Mohammad Al Zaben, who previously sold Munch:On to Careem, saw the opportunity when dealing with unpaid invoices in his past venture. He explained:
“Debt collection in MENA is stuck in the past—some agencies still use pen and paper. Our AI-driven approach makes repayment easier for borrowers while improving recovery for lenders.”
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Proven Impact & Expansion Plans
- Managing hundreds of millions in debt portfolios since launching in 2024.
- Working with 10+ major banks and fintechs, including a top BNPL provider that doubled recoveries after using ClearGrid.
- Profitable in the UAE, growing 30% month-over-month.
- Expanding into Saudi Arabia and doubling its engineering team.
With $10M in funding, ClearGrid is scaling its AI-driven “credit orchestration infrastructure”, aiming to reshape debt recovery across the MENA region while fostering more ethical financial practices.
