TrueAccord Secures Additional Funding From Nyca Partners
SAN FRANCISCO, Oct. 15, 2014 /PRNewswire/ -- On the heels of its $5M Series A, TrueAccord (www.trueaccord.com) – the first-of-its-kind tech platform that is transforming the antiquated debt recovery industry, announced today that they have raised an additional quarter of a million dollars from Nyca Partners.
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This is one of the first investments made by the new venture capital fund, founded by finance industry veteran and former Visa President, Hans Morris. Morris was also named to TrueAccord's Board of Advisors.
"TrueAccord's already proven ability to disrupt a decades old, antiquated debt recovery industry through technology and innovation is a highly attractive investment for us," said Hans Morris, founding partner, Nyca Partners. "We look forward to helping guide this company as it continues its growth trajectory."
Ohad Samet, founder and chief executive officer, TrueAccord, added, "In addition to the incremental financing, we are thrilled to have access to Nyca's investment partners who bring key strategic and operational expertise in the personal finance industry."
The company recently closed its Series A funding by Khosla Ventures and Caffeinated Capital's Raymond Tonsing, with participation from serial entrepreneur and venture capitalist Max Levchin, entrepreneur and Braintree founder Bryan Johnson, and Homebrew, among others.
TrueAccord uses a combination of data intelligence, machine learning and behavioral psychology to help companies of all sizes recover outstanding payments and approach those in debt in a way that positively encourages them to pay off their balance.
Nyca Partners' mission is to bridge the divide between Wall Street banks and Silicon Valley entrepreneurs. In addition to Morris, Nyca partners include Max Levchin, PayPal co-founder and chairman of Yelp, and Brian Finn, a former president at Credit Suisse First Boston and partner at buyout group Clayton, Dubilier and Rice
For more information, please visit: www.TrueAccord.com.
About TrueAccord
Created in 2013 by Silicon Valley tech veterans, TrueAccord is an automated debt recovery platform that bridges the gap between the creditor and those in debt. TrueAccord works with small and large businesses to recover the billions of dollars in lost revenue and works with those in debt to create flexible payments solutions.
TrueAccord has developed a fully automated system that uses behavioral analytics, machine learning and a humanistic approach to help transform the historical antiquated debt recovery industry.
For more information, please visit: www.TrueAccord.com. Follow TrueAccord on Twitter @trueaccord
About Nyca Partners
Nyca Partners is a venture capital and advisory firm exclusively focused on applying innovation in financial services into the global financial system. Our rich experience and deep connections in both finance and technology give us a unique perspective and facility to help entrepreneurs transform payments, credit models and financial infrastructure. We strive to form truly collaborative partnerships, offering our own money and expert advice.
For more information, please visit: www.nycapartners.com. Follow Nyca Partners on Twitter @nycapartners
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SOURCE TrueAccord
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