SAN DIEGO — Remitter, a company that provides AI-powered receivables management software, took home the winning prize at the fourth annual DEMOvation Challenge at the 2020 Auto Finance Innovation Summit this week, defeating seven other startups.
The DEMOvation Challenge offers fledgling startups the opportunity to showcase their technology in front of a wide audience of auto lending and leasing executives during a two-day innovation event.
Remitter is a text and email solution that allows creditors to be paid by customers at any point in the loan lifecycle, from current to post charge-off, according to Roxanne Bartley, executive vice president of strategic partnerships. So far, Remitter has “about 15” customers that have gone from pilot stage to full implementation, she said, adding that a “large auto captive” present at the summit was preparing to pilot with Remitter next month.
The technology applies the power of machine learning and AI to determine the best channel and time to reach customers, with the ability to toggle between email and text. The startup, which launched its U.S. product last year, was born out of Credit Clear in Melbourne, Australia, and works with several large financial institutions in that market, including PayPal.
The other two finalists of the DEMOvation Challenge were Otoz, a tech platform that builds white label solutions for companies that want to launch mobility services, and VoiceOps, an AI-powered voice-coaching software for call centers. Other startups participating in the competition were 12thTech, carLabs.AI, Curu Enterprise, MK Decision and Prodigal.