TrueAccord wins a Healthy Mothers Workplace Award

By on December 10th, 2018 in Company News
TrueAccord Blog

We’re happy to say we won a Silver Award in the Healthy Mother Workplace Awards by Legal Aid At Work.

Our Senior Director of HR, Laurina Phillip Muglia, had the following to say: “People live in the real world. They have families, bills, commutes and a finite amount of time each day. We recognize that our people need the flexibility to balance their priorities in different ways at different times. Having that flexibility is foundational to our success, it creates kind of a background vibe that with all the pressures of a startup, we don’t have to fret about having time for our families.”

We appreciate the recognition, and will continue working to improve our work environment (including our lactation room) to support parents.

TrueAccord Names Barclays Bank Industry Executive To COO; Hires Kelly Knepper-Stephens as VP of Legal; Promoted Lapis Kim

By on November 28th, 2018 in Company News
TrueAccord Blog

San Francisco, CALIFORNIA – (November 28, 2018) – TrueAccord (www.trueaccord.com), the first-of-its-kind tech platform that transforms the antiquated debt recovery industry, announced today that financial industry veteran Sheila Monroe has been named Chief Operating Officer. Monroe joins TrueAccord from Barclays and brings more than 30 years of financial services and collections experience to the leading fintech debt recovery company. The company also announced the appointment of collections law specialist, Kelly Knepper-Stephens as Vice President of Legal and the promotion of Lapis Kim as Vice President of Finance and Analytics.

Monroe, Knepper and Kim join TrueAccord’s growing diverse C-Suite and strong female leadership team.  Monroe will take over day-to-day key operating processes and manage many of the company’s key internal functions, including: critical financial institution client relations and onboarding, call center operations and strategic planning. At Barclays, Monroe was Managing Director of Group Operations where she established the operations strategy and technology roadmap for Barclays Collection and Recoveries Operations worldwide. Most recently, she was the COO of Simplicity Payments LLC and helped the healthcare financial service startup develop operational capability to move from pilot phase to product launch.

“Sheila brings Fortune 100, top bank industry experience to TrueAccord and will play a critical role in driving our next growth phase as she takes over daily operations,” said Ohad Samet, chief executive officer, TrueAccord. “Her extensive financial and recoveries pedigree at one of the largest banks in the world, coupled with her demonstrated ability to effectively navigate sensitive regulatory environments will lead TrueAccord in continued growth and impeccable execution.”

Kelly Knepper-Stephens joins TrueAccord from Stoneleigh Recovery Associates, where she specialized in local debt collection regulations. This year, Kelly was named one of Collection Advisor’s “20 Most Powerful Women in Collections” and was also listed as one of the “25 Most Influential Women in Collections” in 2016.

TrueAccord has also promoted Lapis Kim, who serves as Vice President of Finance and Analytics. Having led and built high-performance finance and analytics teams, as well as taken over key financial and strategic planning processes for the company, Lapis is now taking a seat at the table as part of the company’s executive leadership team.

“TrueAccord is an innovative company that is using technology to transform an incredibly antiquated industry,” said Monroe. “The debt collection marketplace is in desperate need of modernization and I’m excited by the opportunity to be a part of, and advance the company’s mission of reinventing the space.”

The company now counts 5 female executives of its executive leadership team, including 2 in the C-suite.

Founded in 2013, TrueAccord is a fully automated debt recovery technology that bridges the gap between the creditor and the roughly 77 million Americans who currently have debt in collections. The system uses behavioral analytics, machine learning, and a humanistic approach – the first time the antiquated (and often menacing) debt collection system has been challenged in decades. Over 25 percent of consumers contacted by debt collectors feel threatened. The TrueAccord platform was built with the goal of disrupting debt collection with AI, transparency, and most importantly – compassion.

Getting to Know Sophie Benbenek

By on June 13th, 2018 in Company News
TrueAccord Blog

Sophie Benbenek always planned on a career in the public sector, and would be working on policy or for some non-profit if she had not ended up at TrueAccord. But helping people is still very much in her job description. As head of data science at TrueAccord, Sophie was the lead architect for the decision engine that drives self-service collections at the company. Read on to learn more about Sophie, her love of Marvel Comics, and why she likely finished reading this sooner than you or I did.

Accounts Recovery ran a profile of our Sr. Manager of Data Science, Sophie Benbenek. You can read it here.

Yes, 866-611-2731 is Our Number. Why is That so Important for TrueAccord?

By on May 23rd, 2018 in Company News, Industry Insights
TrueAccord Blog

We wanted 866-611-2731 to be recognizable.

TrueAccord was built as a consumer facing brand from day one. We have one number, 866-611-2731, that we use for outbound and inbound calls. Our name is distinguishable, not a three letter acronym. We have Google reviews and an online presence. We wanted consumers to easily find, research, and comment on our presence. We want to make a difference.

You can’t help consumers if they don’t know who you are

Being in debt is scary, confusing, and generally not a great experience. When consumers are bombarded by calls from unknown numbers or worse, callers who pretend to be from their area code, their trust in phone calls erodes. Less trust leads to fewer contact rates, and disengaged consumers. Running away from your debt is a bad idea if the alternative is working with a customized, personalized, and digital first experience that actually helps you pay down what you owe. We wanted people to know who’s calling.

The thing is, debt collection can be a stepping stone. When turned into a cooperative and personalized experience, it can be a first step to getting back on your feet. People get into debt for many, diverse, largely unexpected reasons: divorce, job change, healthcare issues for them or a loved one. By making debt collection accessible, TrueAccord aims to be a part of your growth journey, not just focus on helping you pay a single debt. You’ll find customized payment options, an easy mobile experience, and a helpful customer service team (when you call our number, 866-611-2731).

Having a recognized number helps us call *less*

When consumers don’t pick up, the most common strategy is to call again. Agencies may call a number 5 times per day. At TrueAccord, we don’t think this is a good experience. When we call a consumer, even once, our recognized phone number allows them to find us online and be convinced that they want to talk. From there, going to our website or finding one of our emails in their inbox is a breeze. Self service is welcoming and easy. No more aggressive repeated phone calls when it’s least convenient.

Being customer-facing and helpful is our #1 goal. If you see 866-611-2731 in your caller ID, know that we’d love to help

Call us or click a link. Great experience in debt collection isn’t a myth anymore. That’s why we started TrueAccord, and why we want you to have an easy time finding us and talking to us.

TrueAccord’s 2018 Customer Survey: Net Promoter Score and Digital Trends

By on February 27th, 2018 in Company News, Product and Technology, User Experience
TrueAccord Blog

 

We just posted our 2018 Customer Survey and the results are incredibly interesting.

Consumers in debt are definitely feeling more like TrueAccord customers, giving us a Net Promoter Score of 40, a new record for us and for the industry. We have also uncovered several interesting trends in customer preferences – not new, but definitely eye opening.

Click here to download the infographic summarizing our findings.

Welcome 2018!

By on January 5th, 2018 in Company News

Happy New Year! As we look back at 2017, we are thankful for a year full of growth for the company and for our team.  We hit some amazing milestones that could not have been possible without a smart, strong, passionate and dedicated team.

December is a month of celebrations, and we had an amazing holiday party to end the year.  We shed our casual work attire and had fun dressing to the nines and dancing the night away.

Of course, December is also a great time to give back and help those less fortunate.  We partnered with the San Francisco Fire Department for their Annual SFFD Holiday Toy Drive and were able to provide gifts to a number of program recipients. There are a few of us here at TrueAccord who benefitted from this program as kids, so it was awesome to see things come full circle. The SFFD Toy Program has been in operation since 1949 and strives to ensure all kids have a great holiday season full of toys. The team loved the idea of giving back and we hope to do more events like this in the future.

Our team continues to grow, we welcomed the final hires for 2017: Aviv Peretz, Senior Data Scientist / Cherlynne Serafino-King, Talen Acquisition Partner /Rocky Chau, Customer Engagement Specialist

Looking forward to what 2018 has in store.

Life at TrueAccord: November Edition

By on December 8th, 2017 in Company News

It’s been a really busy month for us at TrueAccord, and we’re a little late in posting, we almost can’t believe it’s December.  We’ve had some incredible highlights from November, the biggest was closing our Series B, which is going to help us grow our team and continue with our mission to change the debt collection space for good.  We have tons of open positions, and lots more coming next year.

Our team continues to grow, with a bunch of new team members coming on board: Marques Moore (Front Office Assistant), Jacob Hunt (Integration Engineer), Juan Gonzalez (Integration Engineer), Robert Rodriguez (Customer Success Manager), Jas Kao (Client Success Specialist), and Young Xu (Product Manager).

Of course, we always take the time for our happy hours and celebrating!  Nothing says November more than pumpkins and turkey.

As the weather cools down and the holiday season is just around the corner, we took some time to warm up with some jazz, sweets and hot chocolate.

I’m Excited to Join the CFPB’s Consumer Advisory Board

By on November 28th, 2017 in Company News, Industry Insights
TrueAccord Blog

I’m very honored to have been appointed to the CFPB’s Consumer Advisory Board. With this appointment, the CFPB is sending a strong message about how it views technology’s role in shaping the future of consumer finance in general, and debt collection in particular. I’m proud to be able to represent the industry’s point of view while making sure we usher in a new era of great user experience and technology innovation. Even with Director Cordray’s planned departure, the CFPB remains a strong and active regulator. While some of the weight is likely to move to State level examinations, keeping in touch with Federal regulators remains a top priority as a way to contribute to consumer protection broadly, and to support TrueAccord’s long-term mission.

Anyone can apply to be a CAB member through the CFPB’s site. I applied and was appointed earlier this year. I did so because at TrueAccord we believe in the Bureau’s mission – protecting consumers – and also that engaging with your regulator is the smart thing to do. I was humbled and excited to be sworn in, because there is still so much in financial services in the US that can be improved, and innovation to be encouraged. I truly believe in the role of the CAB in informing the CFPB on important trends and how to support consumer protection and choice. I am lucky to be serving alongside academics such as Prof. Lisa Servon, consumer advocates such as Chi Chi Wu from the NCLC, and industry leaders such as Max Levchin. It’s a broad set of experiences and opinions that foster great discussions and set us up for the challenges in front of us.

The CAB looks at financial services in general, but my I cannot disregard my own backyard. In tricky, regulated markets like debt collection, with its active rulemaking process, it is even more important to take part in crafting fair and forward-looking rules that protect consumers. Any work I can do to ensure innovation can finally reach the debt collection market is a net positive for consumers and the industry.

The meeting span three full days in Tampa, Florida, and culminated in a public session with comments about the new PayDay rule. Bureau staff kept a tight schedule presenting latest developments in regulation, consumer education initiatives, and for first time members – an intro to the Bureau and its divisions. During the third day, I was also asked to give a 45-minute presentation on trends in the debt collection market. I used it to discuss the transformative role technology has in making the debt collection process customer-centric and digital first, creating better experiences with less friction and stress for consumers.

 

All in all, my first meeting was an incredibly positive experience. Staff turned out to be a diverse group of intelligent and thoughtful people, and the (now ex-)director a highly engaged and knowledgeable person. CAB members bring impressive backgrounds and facilitate an effective discussion, especially when they disagree. I am already looking forward to our next meeting, and reviewing developments we’ll see until then. I personally expect the debt collection rule to be one of them, though Bureau staff gave no formal guidance on this matter.

TrueAccord Closes $22M Series B

By on November 14th, 2017 in Company News, Industry Insights
TrueAccord Blog

Debt Collections Technology Company Builds on Early Success for Sustained Growth and Innovation

November 14, San Francisco, CA – TrueAccord, the company driving transformation in the debt collection market, announced today that is has closed $22M in additional funding.  Arbor Ventures led the round, with participation from existing and new investors, Nyca Investment Partnership, Assurant Growth Investing, Caffeinated Capital Fund, Felicis Venture, TenOneTen and Crystal Towers. The Series B funding follows a period of sustained and rapid growth for TrueAccord which is providing exceptional customer experience for consumers in debt for nationally recognized financial institutions, debt buyers, lenders, and technology companies increase their recovery rates.

This additional investment will fund TrueAccord’s strategic growth initiatives, including ongoing product development and innovation of its customer-focused platform, providing world-class audit and compliance functionality, continued expansion into vertical markets, client acquisition and retention, and hiring.

“TrueAccord is redefining the debt collections industry through a digital approach for debt recovery. It is achieving higher customer engagement, satisfaction, and recovery rates through its data-driven platform, which tailors the collection process to individual consumer preferences,” said Melissa Guzy, Co-founder and Managing Partner of Arbor Ventures. “This unique approach is making a positive impact on an overlooked industry, ripe for innovation, impacting a major societal issue by empowering many of the estimated 77 million people in debt, to get on a path to better financial health.”

Since closing its Series A round in 2015, TrueAccord has reached a number of significant milestones, including:

  • Customer Expansion: Between 2016 and 2017, TrueAccord grew the accounts it collects by 2.5x with more than 2.0 million customers on its platform since inception.
  • Strong ROI: TrueAccord has demonstrated exceptional recovery results beating traditional agencies’ debt collection rates by a minimum of 50% to upwards of 500%.
  • Client Acquisition: TrueAccord’s clients include top 10 issuers, leading creditors, and technology companies such as Yelp! and LendUp with more than $1.5 billion of debt flowing through the platform since 2014.

“It was the personal experience of dealing with a debt collector that made me realize the traditional collections industry was ripe for disruption with technology innovation and a more human approach,” said Ohad Samet, Chief Executive Officer of TrueAccord. “With changing consumer preferences, strong regulatory support for innovation, and clients who understand a customer-focus collection process is good for their business, we’re experiencing tremendous demand from the market. We are seizing this opportunity to use machine learning to humanize debt collection for good.”

About Arbor Ventures

Arbor Ventures is a global early-stage venture capital firm focused on shaping the way the world transacts by investing in early-stage companies at the intersection of financial services, big data, and digital commerce, through partnering with extraordinary founders, and accelerating the growth of next gen FinTech, facilitated by unparalleled strategic networks.

About TrueAccord

Founded in 2013, TrueAccord’s data-driven debt collection platform is disrupting the collections industry by helping businesses collect more debt online than traditional methods. True Accord’s platform is powered by machine learning with a decision engine that analyzes consumer behavior and delivers personalized experiences by communicating with consumers at the right time in the right channel with payment options that meet their needs. TrueAccord is providing exceptional recovery rates for top 10 financial institutions, debt buyers, lenders, and technology companies, and is empowering many of the estimated 77 million consumers who are in debt every year to get on a path to better financial health.  To learn more, visit TrueAccord.

 

Press Inquiries:

Sandy Pfaff, Pfaff PR

sandy@pfaffpr.com

415-819-7447

Life at TrueAccord: October Edition

By on November 2nd, 2017 in Company News

October has been chalk full of fun, continued growth, and a few firsts here at TrueAccord.  Our weekly themed happy hours continue, and this month we had a wine and cheese tasting, introducing our pallets to some French wines to swirl and sniff for a much-needed break in the middle of the week.

With our rapid growth, we are looking to grow our team and attended a few career fairs, including the SF LGTB fair at LinkedIn.

Another first, we hosted an SF Bay Area Machine Learning meetup at our office and had a packed house of 110 attendees, lots of networking, tech talks, and of course great food and beer.  Meetups are a huge part of the SF tech culture and a great way to talk about what we do by bringing in a crowd into our office to help our hiring and brand awareness efforts.  Check out Chief Innovation Officer/co-founder, Nadav Samet talk about how we use machine learning to humanize debt collection.

We added quite a few new members, soon will be entering the triple digits!

Lauren Sawicki, Director of collections, Parris Preston, Customer Support Specialist, Veronica Tong, Data Entry Specialist, Marc Jackson, Technical Recruiter, Patsy Cunningham, Compliance Auditor, Yelizaveta Geurkova, Customer Support Specialist, Trisha Cole, Customer Support Specialist, Karina Munoz, Customer Support Specialist, and James Reynolds, Customer Support Specialist.