Cobramus collects 420,000 euros of debt in its first month of activity.

by | 17 May 2021 | Fintech | 0 comments

Cobramus collects 420,000 euros of debt in its first month of activity

The start-up helps SMEs and freelancers in the management and claim of unpaid invoices and only charges if it recovers the debt.

The economic crisis derived from covid-19 has increased the demand for debt collection services.

Barcelona, November 23rd, 2020Cobramus the start-up specialized in the management and recovery of unpaid invoices for SMEs and freelancers created by Mutter Ventures, has captured 420,000 euros of debt in just 1 month of activity. “Cobramus has been very well received. Due to the covid-19 crisis, many companies are finding it difficult to collect their invoices and our service helps them to solve this problem. Cobramus acts as an outsourced department that is dedicated solely and exclusively to pursuing debtors. In this way we get the company -our client- to increase the recovery rate and lower internal costs,” explains Jaume Fusté, CEO and co-founder of Cobramus.

The firm offers SMEs and the self-employed a successful recovery service. In other words, clients only pay for the start-up’s services if they manage to recover their debt. This procedure is carried out through a 90-day credit cession contract in which Cobramus focuses all its efforts on recovering the unpaid invoices. If this is not achieved, Cobramus terminates the contract at no cost to its client. Cobramus receives an 18% commission on the total amount of invoices recovered.

To achieve this, the company will reinforce both its B2C (owners of rental properties) and B2B (real estate agencies) recruitment strategies.

Companies at risk of bankruptcy

According to a report by Iberinform, 12% of companies in Spain, i.e. 220,000 companies, consider that unpaid invoices “threaten their survival”. This same study states that up to 46% of companies estimate that non-payments will mean a significant loss of income, 18% say they will limit their growth and 15% point out that they will be forced to reduce planned investments.

The adverse economic situation caused by the pandemic will boost Cobramus’ business in the coming months. By 2021, the company expects to raise close to 4 million in debt and intends to continue to grow thanks to a business model that combines technology with a team of professionals with extensive experience in the sector.

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