A new Bournemouth-based fintech company Outstand.io has launched to help financial service providers better manage their non-performing credit portfolios.
The firm’s founders, Dan Ware and Rob Samuel, co-created Outstand.io to assist with direct lender’s debt collection strategies. Outstand.io provides end to end guidance on setting up commercially beneficial relationships with debt purchasers to help improve returns on their non performing assets.
With backgrounds in fintech, consumer lending, banking and credit brokering, Outstand.io has direct personal experience of managing the complexities and financial impact of managing non-performing consumer lending accounts.
Co-founder Rob Samuel said “Outstand.io was created from our experiences of running a high cost short term credit lender and working directly with Debt Collection Agencies. We recognised the process could be improved to benefit all stakeholders.”
Based on the south coast in Bournemouth, the team at Outstand.io have a track record of managing credit portfolios and non-performing loan assets. Having extensive experience with debt collection partners, Rob says “our experiences of having worked as a lender allow us a unique opportunity to support other firms through the process and ensure that they realise maximum returns on their assets.”
One of the key features of Outstand.io’s service is achieving the best sale price so that the lender can utilise more revenue to be able to scale new customer acquisition. On top of that, Outstand.io aims to help financial providers reduce the resources needed to service debt.
Outstand.io has also created a customised post sale process that ensures performance analysis can be conducted by all parties. This can then support them with data analysis in their future lending decisions; developing a full feedback loop.
Speaking about bringing Outstand.io’s debt sale knowledge to other financial services, Co-Founder Dan Ware said “Our mantra is to concentrate on achieving the right outcome, whilst also making better business decisions. In our experience, the first debt sale can be daunting, which is why we’re here to support lenders all the way– even once sale agreement contracts have been exchanged with a debt purchaser.”
A unique feature of Outstand.io’s service is the bespoke procedural creation, meaning closely working with companies to guide them through every aspect of the debt sale proceedings even once contracts have been exchanged.
Using this methodology, and the relationships with a network of Debt Collection Agencies, the Outstand.io team now aims to extend its services to offer end-to-end debt consultancy services nationwide.