Ohad Samit

With very small companies, we have a little bit of a monthly fee, but once you get to a certain size, it's mostly percentage of recoveries, yeah.

Because we work with major banks and lenders.

I see.

Is that a bigger use case?

Yeah, SaaS is growing very fast.

But right now, the majority of what we do is we work with lenders.

We bootstrapped for about a year and then we raised capital.

We raised a seed before launching at the end of 2013, launched at the end of 2014, and we've been working since.

Well, we didn't spend a majority of it yet, but yeah, it was engineering, product, and also debt collection is a highly regulated industry, so we needed to build...

We need the licensing, we need the infrastructure, we need the right people for compliance and so on to make sure that we're doing what we are supposed to be doing to protect people's privacy and so on.

So that took a lot of work too.

It's about 25 to 30 percent.

Depends on the age of the debt and kind of complexity and so on.

Yeah, I mean, one option is, I mean, we always say work on it yourself for a month or two or however time you think is necessary.

But at the end of the day, it's either you hire a bunch of people and you learn how to do accounts receivable or you work with us.

Yeah, we have a handful of people in San Jose.

We've never thought of ourselves as competing with banks.

We're a vendor to banks and other lenders.

The thing is that as your questions from the beginning illustrate, it's a contentious field.

What happens when somebody can't pay?