Credit Clear’s (ASX: CCR) expansion efforts are beginning to materialise with the company revealing it had deployed its digital platform for Techub in South Africa – making it the first implementation in an international market.
The deployment of Credit Clear’s digital accounts receivable platform follows a partnering and teaming agreement announced with Techub last year.
Headquartered in South Africa, Techub provides financial recovery, technology solutions and business process outsourcing to the financial services industry worldwide.
In the original agreement, Credit Clear was to roll-out its platform across several of Techub’s existing account receivables portfolios – valued at up to $100 million over a rolling three-month basis.
Credit clear will also deliver ongoing remote support and receive ongoing commissions.
Since deploying its platform earlier this week, Techub has elected to dispense with the initial $100 million pilot.
As a result, Techub will now fast-track the roll out of Credit Clear’s platform across its US$1 billion debt portfolio.
“In addition to our growth in Australia, Credit Clear is now able to simultaneously and very efficiently scale internationally with its highly automated technical capabilities, matched with a commission fee revenue model,” Credit Clear chief executive officer Andrew Smith said.
“I’m delighted that the platform has been deployed in South Africa through our Techub partners and that the rollout has been accelerated.”
The separate teaming agreement involves Credit Clear and Techub pursuing new business opportunities in international markets.
Any new direct Techub clients that have been onboarded to use Credit Clear’s platform will result in an equal revenue split.
Since securing the original agreements with Techub last year, Credit Clear noted the partnership opportunities have expanded.
Africa’s largest BPO service provider iSON Xperiences has staked a strategic equity position in Techub’s holding company CSS Group.
Credit Clear noted iSON’s investment opens “significant new markets” across 18 counties, including multiple African nations, India and the United Arab Emirates.
Mr Smith said the iSON’s investment provides the Techub-Credit Clear partnership with “direct and immediate entry” into these markets.
“I look forward to working very closely with the Techub team in South Africa, taking our joint offering to global markets,” he added.