Connected Data has raised £2.2 million in funding led by Maven Capital Partners’ VCT funds.
The Nottingham-based data-driven technology company was founded in 2020 by former Experian and TDX executive Kirk Fletcher to revolutionise the way debt is managed by organisations across various industries, including utilities, financial services, local government and debt management services.
Connected Data claims its cloud-based data services blend the latest business intelligence, analytics and AI with the widest range of predictive data solutions to transform the entire debt management process.
Revenues have increased eightfold between 2022 and 2024.
“Connected Data’s service addresses a critical challenge for utility and financial services companies,” said Alexander Sleigh, investment director at Maven.
“With the cost of living crisis driving household debt to new heights, and stricter guidelines like the FCA’s Consumer Duty coming into play, companies are under increasing pressure to refine their debt collection processes.
“Connected Data has already proven its value for clients by reducing the time, cost, and complexity of debt management while increasing confidence in data accuracy and recovery rates. We are excited to work with Kirk and his team to further scale the business and explore new growth opportunities.”
Fletcher added: “Across all sectors, organisations are facing increased pressure on their debt management processes.
“Our unique approach, our data partnerships and our range of configurable data services has enabled the organisations we work with to truly transform their debt management process to become more effective without the need for significant capital investment or long extended delivery times.
“This investment will enable us to further drive our transformation of the debt management process. We are hugely excited by the impact this will have on our customers, our data partners and, ultimately, consumers in debt.”