Start-up's innovative approach to debt collection
In the heart of Germany's digital economy, two innovative companies, Debtist and figo, are making waves. Let's delve into their transformative journeys.
For nearly three decades, André M. Bajorat has been a driving force in the German digital economy. As the former CEO of figo from 2014 to September 2019, he led the company's transition from a B2C app to a BaFin-regulated Banking as a Service provider. Today, Bajorat continues to support figo as a business angel.
Beyond figo, Bajorat is a renowned figure in the fintech world. He is an investor in various fintech companies, a podcaster, and the founder and publisher of an industry portal. His international acclaim extends to being an internationally sought-after speaker on topics such as banking, payment, fintech, API banking, digital assets, and crypto.
Meanwhile, Debtist, founded by Matteo Benedetti, is redefining debt collection. The company's innovative approach centres on making the process fairer, more digital, and customer-friendly. Leveraging technology, Debtist streamlines payments through digital tools like QR codes, allowing customers to easily scan and pay their bills.
Their proprietary software boasts direct API connections to major payers, enabling faster claim settlement—typically 10 to 15 days earlier than traditional methods. This reduces manual data entry, speeds up payment remittance, and automates the collections workflow. Notifications within the software about payment claims provide transparency and actionable insights, improving communication with customers.
Debtist serves both B2B and B2C clients and primarily works with large enterprise partners. They also collaborate with innovative law firm partners. Convincing CFOs and other stakeholders about modern and fair debt processes is crucial for Debtist.
Innovation doesn't stop there. Debtist employs artificial intelligence in its operations, further enhancing efficiency and accuracy. Remarkably, Debtist has not lost a single customer since its inception.
Bajorat's influence extends beyond Debtist and figo. He is a member of the Digital Finance Forum of the Federal Ministry of Finance and Bitkom, and a co-initiator and organizer of the "Fintech of the Year" election and the event series Bankathon, Payment Exchange, Banking Exchange, and Transactions.io.
Recently, Bajorat published the book "Heads of the Digital Financial World." Today, he serves as a Managing Director at a German asset manager. The business model, regulatory hurdles, and competitive landscape of Debtist are under discussion, but one thing is certain—the future of debt collection and banking services in Germany is looking brighter than ever.
[1] This approach rethinks traditional debt collection by emphasising efficiency, transparency, and a more customer-centric experience through technology.
Financial innovation is apparent in Debtist's transformative approach to debt collection, utilizing technology to streamline payments, enhance transparency, and focus on a customer-friendly experience. Meanwhile, figo, under the guidance of André M. Bajorat, has transitioned from a B2C app to a BaFin-regulated Banking as a Service provider, reflecting their commitment to the evolving digital business and financial landscape, especially in the context of Germany's burgeoning technology sector.
