JustSolve Closes €3.7M to Automate Debt Collection

The big picture: Milan-based AI startup JustSolve, which targets unpaid debts, has closed a €3.7 million pre-seed funding round. The round, which was 3-3.5 times oversubscribed, highlights strong investor confidence despite the company’s challenging start.

Why it matters:

• Market Opportunity: Europe’s AI debt collection market is nascent compared to the US and Australia, positioning JustSolve to capitalize on significant growth as the region catches up.
• Investor Validation: The heavily oversubscribed round, led by Base10 Partners, signals strong belief in JustSolve’s AI-driven approach to a critical financial workflow.
• Efficiency Gains: By automating the entire debt recovery process, JustSolve aims to reduce human involvement and improve collection rates for creditors.

How it works:

• Policy-Driven Automation: Creditors upload their specific credit recovery policies, which JustSolve’s AI agents then execute autonomously.
• Multi-Channel Engagement: The platform interacts with debtors across various channels, including voice, WhatsApp, email, regular mail, and Italy’s certified email system, PEC.
• End-to-End Process: JustSolve handles the full spectrum of debt recovery, from initial reminders to initiating legal action, having already processed over 2 million claims.

The catch: While the global AI debt collection market is projected for substantial growth, JustSolve faces potential competition from established players like Australia’s InDebted and India’s Rezolv, should they expand into Europe. The company’s ability to navigate diverse consumer protection regulations across European markets with its current engineering capacity, especially given its pause on hiring more engineers due to reliance on AI coding tools, will be crucial for its ambitious growth targets.