Insolvency technology startup Cerebreon close final funds in £1.5m Seed round in a bid to scale support to the UK’s most vulnerable consumers to avoid bankruptcy.
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Cerebreon is working with consumers, financial institutions and insolvency practitioners, to deploy their deep learning platform to help predict and prevent insolvency ahead of time.
Gillian Doyle, Cerebreon CEO, said, “Our mission is to support the most vulnerable people in society to help them to avoid insolvency. Unsecured personal debt was measured at £3.6Bn – with the COVID-19 outbreak UK families are taking on increasing levels of debt to survive.”
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She went on to say, “By supplying data, debt insight and insolvency predictions to creditors as well as the insolvency industry, we can have a direct and positive effect on financial wellbeing and ultimately survival as a result of breaks in family incomes.”
The Irish startup were selected by Accenture’s Fintech Innovation Lab to take part in the highly competitive accelerator programme which has provided Cerebreon unrivalled access to key staff in the largest financial institutions.
Former BlackRock Managing Director, Scott Condron, commented, “Cerebreon has identified how digitization and data can be used to fundamentally alter the outcomes for debt distressed consumers, allowing more to emerge from insolvency and increasing recovery rates for creditors. Tech for good in action.”
