SoloSuit Raises $2m to Grow SoloSettle, The First Debt Settlement Marketplace

SoloSuit, a leading platform spanning the accounts receivable management and debt settlement industries, recently completed a highly successful $2 million seed plus funding round, which was oversubscribed—a clear indicator of investor confidence in the company’s vision and execution. The round saw participation from investors such as McPike Global Family Office (MGFO), Lobster Capital, Mana Ventures, and Temerity Impact. This influx of capital will support SoloSuit’s plans of making SoloSettle the go-to platform for debt settlements.

Founder George Simons expresses his gratitude toward the investors who have supported the company’s journey: “Thank you to everyone who has said yes. Yes to the impossible: bringing together collectors and consumers. Yes to our vision of the future for a better debt collection industry. And yes to helping people through the worst financial pain of their lives.”

The funding is set to position SoloSettle as the world’s first debt settlement marketplace. The company aims to use the new capital to enhance its services and continue its mission of simplifying the complicated debt resolution process. The funding will be directed toward refining the platform to make it more efficient for collectors to engage with consumers and settle debts more swiftly. The capital will also be used to expand SoloSuit’s development team—a crucial move that will allow the company to be more responsive to collectors’ needs.

These enhancements are expected to increase the engagement rate among collectors and streamline the process for consumers, leading to faster resolutions and lower operational costs for collectors. Since last year, over 80 collectors have collectively settled $1.3m on SoloSettle. These settlements are all thanks to the platform’s ability to connect collectors with a broad consumer base prepared to settle.

SoloSuit is well-positioned to continue its upward trajectory. The company plans to use the current funding round to boost its growth and lay the foundation for additional capital raises later this year or next. By expanding its platform and increasing its market share, SoloSuit aims to solidify its position as the trusted mediator between collectors and consumers.

SoloSettle presents an enticing opportunity for investors. Every year, there are 70 million people facing collections in the US. Many cannot afford the high cost of legal representation. This is where SoloSettle comes in. It is already showing signs of early product-market fit, with a 95% gross margin and tens of millions of dollars being brought onto the platform every month. This figure highlights the platform’s efficiency and profitability. Ultimately, these metrics demonstrate SoloSettle’s ability to capture and grow its market, making it ideal for those looking to support a company with a solid foundation and remarkable growth potential.