Dubai-based ClearGrid has announced its launch with US$10 million in funding to improve debt collection in the MENA region.

The company aims to modernize the sector using an AI-powered platform to address inefficiencies in the US$500 billion consumer lending market.

The funding was secured in two rounds: a pre-seed round co-led by Raed Ventures and Beco Capital, followed by a seed round co-led by Nuwa Capital and Raed Ventures.

Additional contributions came from institutional investors, including Aramco’s Waed Ventures, KBW Ventures, Wamda Capital, and angel investors from the US and MENA.

Founded by Khalid Bin Bader Al Saud, Mohammad Al Zaben, and Mohammad Al Khalili, ClearGrid addresses challenges in traditional debt collection.

The platform automates the recovery process from borrower engagement to negotiations, aiming to reduce resolution times and enhance recovery rates.