Australian fintech Completes Major US Acquisition

Remitter, a fintech platform that improves bill payment rates by communicating to consumers digitally, has just finalised its acquisition of US-based Mercantile Adjustment Bureau, following a successful pre-IPO USD $12m cap raise led by Canaccord Genuity. The raise was cornerstoned by Allium Capital and Casey Capital. Remitter is a white-label communications platform, founded in Australia, which uses AI to optimise customer engagement and enhance the recovery of accounts receivables. Currently many organisations face challenges in collecting bill payments on time, with 46% of customers paying late according to Aite Group research. Remitter entered the US market in 2020, following two years of development including compliance across states and territories and collaboration with clients to ensure an optimal feature set. "Entering the US market involved ensuring the Remitter platform was compliant in all 52 states, each with its own different laws and regulations around payments.