Global Debt Registry, Wilmington, announced it has secured $7 million in Series A funding.
The new funding allows GDR to further address the needs of large creditors, debt buyers, and collection agencies that support and service the $3.4 trillion consumer debt market in the United States, including credit cards, home equity, auto and student loans, as well as medical, utility, telecom and government related consumer debts, according to a release.
The investment will be used to accelerate sales growth and expand operations to support its growing client base. GDR will use the funding to boost sales and marketing efforts to further penetrate the credit card market as well as to expand into new asset classes within the consumer debt market. Additionally, the funds will help bolster service and support functions, the release stated.
The company has seen more interest in its products and coverage in the New York Times Magazine and American Banker.
In addition, GDR launched its new Debt Lookup product, the first ever consumer validation tool for debt collection.
“Global Debt Registry offers financial institutions a better way to track, store and share critical non-performing account data with authorized consumers and vendors. The Consumer debt market is one of the last major financial asset classes to not utilize a digital registry, leading to inefficiencies, risk, consumer confusion and increasing regulatory scrutiny,” says Mark Parsells, CEO of GDR. “This investment is a major milestone in support of our mission to digitally transform the way the financial services industry stores and manages information on charged off consumer accounts. We are pleased to see growing market support from a variety of sources to take this business to the next level.”
GCA Savvian Advisors, LLC acted as the exclusive financial advisor to the funding round.
CEO Parsells is a serial entrepreneur in the financial services industry. He also worked at First USA (now Chase) and Wingspan, a bank that later became part of Barclays.
