A Chat with Amon Ghaiumy, CEO & Founder at Debt Collection FinTech Start-Up: Ophelos

Ophelos is a technology firm dedicated to building a fairer debt resolution process for both businesses and their customers. We marry machine learning technology with a caring, empathetic and attentive approach, to simplify, digitise and automate the traditional debt collection industry while empowering businesses and their customers to take control of their financial health.

We founded Ophelos in 2021, and have built proprietary AI & machine learning technology to determine the best way to engage with customers and help them resolve debts through more manageable and personalised repayment plans. With machine learning technology we can also better identify vulnerable individuals and help businesses manage customers that may be facing problem debts, with an ethical approach. At the same time, we give our clients critical insights into their customers’ financial wellbeing so they can learn from their customers and make better and fairer business and product decisions.
 
 
Product Designer - Ophelos | Otta
 

How did you come up with the idea for the company?

 
Today, businesses often rely on outdated debt collection agencies who find it difficult to recover outstanding debts, spend too much resource on inefficient operational processes, and lack the tools, intelligence and insights to support financially vulnerable customers.

Meanwhile, individuals and families feel out of control throughout the debt collection process because of inflexible repayment options, antiquated communication methods used by traditional debt collectors, and a lack of digital tools for managing their debts.

Ophelos was created to tackle these issues and challenge traditional debt collection agencies. Through digitising and automating the debt resolution process, we want to support businesses to develop more positive approaches to debt resolution, while engaging with customers and empowering them to take control of their finances.
 

 

How has the company evolved during the pandemic?

 
Ophelos was founded in the heart of the pandemic, back in April 2020. Unlike other businesses looking to launch after the pandemic, we felt this was an important time to arrive on the market, as we see more and more individuals and families face difficult financial circumstances. As of June 2021, research has shown that nearly 9 million people were over-indebted, with approximately 250,000 independent businesses expected to close once pandemic support ended.

While debt resolution isn’t a new challenge by any means, it’s certainly one that has been resurfaced in light of the recent pandemic and we hope a solution like Ophelos can help to tackle many of the sensitivities that have come to light in a more approachable way.
 

What can we hope to see from Ophelos in the future?

 
For our immediate future, we are looking to expand both Ophelos’ impact in the debt resolution sector, as well as partnering with like-minded organisations. Most recently we announced our partnership with Butter, a Buy Now Pay Later provider which allows customers to split the cost of their lifestyle purchases, online and instore. Butter is also the UK’s only BNPL that allows customers to split the cost of their travel, interest-free.

As part of the partnership, Ophelos will manage Butter’s late-stage debt resolution process. With growing sensitivities around the use of BNPL products and rising consumer debt, we hope to partner with similar firms to build fairer and more ethical approaches to debt resolution for those using BNPL products.