Maven has led a £2.2 million funding round in Nottingham-based data driven technology company, Connected Data.
Connected Data, founded by former Experian and TDX executive Kirk Fletcher, was established to revolutionise the way debt is managed by organisations across various industries, including utilities, financial services, local government and debt management services.
Connected Data’s 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.
Its services help organisations reduce, resolve and prevent debt with minimal internal resource impact as well as enabling clients to meet evolving consumer protection regulations, paving the way for fairer, more positive outcomes for consumers in debt.
Since its inception in 2020, Connected Data has grown rapidly, with revenues increasing eightfold between 2022 and 2024.
Alexander Sleigh, Investment Director at Maven, said: “Connected Data’s service addresses a critical challenge for utility and financial services companies. 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.”
Kirk Fletcher, CEO at Connected Data, said: “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.”
