Resolver.co.uk secures £2.8 million funding round from Draper Esprit and Imperial Innovations
Resolver.co.uk – the free and independent website dedicated to making it easier for consumers to make complaints or raise issues with brands, companies and organisations to get redress or money back – has secured a funding round of £2.8 million.
By the end of 2016, the UK’s key resolution website for complaints expects to have helped resolve issues worth £100m+ for consumers and businesses. The site is projected to reach one million visitors a month by March 2017.
Consistently rated 5* by users, many contact the site with their success stories showing how they’ve got back hundreds of pounds using a process that takes just a few minutes. Some have reported receiving thousands of pounds owed to them.
And in its first institutional investment round, parent company Resolving Limited has now secured funding from Draper Esprit and Imperial Innovations to allow it to double its team and invest in new technologies such as artificial intelligence and machine learning.
Currently Resolver.co.uk boasts 556,000 registered users and raises an average of 1,500 new cases on any given day. It is growing at a rate of more than 10% month-on-month and receives more than 600,000 visits each month.
Launched just two years ago in September 2014, it was created by founder James Walker, after he experienced poor service resolving a complaint with boiler repair insurance.
Resolver.co.uk now has more than 30,000 companies, brands and organisations in its database and users can sign up in seconds via the website or through the iOS or Android apps. A case can be created and sent off within a few minutes thanks to technology that automatically writes a template email based on a few details about the problem.
James Walker says: “What we have done so far with a small but extremely dedicated team is awesome. We have made real tangible impacts on a range of industries and our presence has encouraged better customer service in many sectors. That’s down to the hard work of everyone at Resolver and shows why our funding round was so popular and oversubscribed.
“But there is much more to do. By the end of 2016, we expect to have resolved issues worth more than £100m and this initial round of institutional investment allows us to focus on increasing our user base. We will also put in place new emerging technologies to automate many processes that make raising cases faster and help us and the consumer to predict the likelihood of a resolution and what it may be. We also have plans to expand internationally.”
On signing up to Resolver.co.uk, consumers provide a few details about their issue and the technology then advises them of their consumer rights. The platform automatically helps prepare their case submission by creating an email with all the relevant details. The consumer can then send this off through the platform to the appropriate organisation.
The system stores all communications including documents and photographs and can log phone calls. It also reminds consumers to escalate their case if there is no reply – including for an independent assessment to the regulator or Ombudsman. Resolver is engaged with key consumer Ombudsman, regulators and leading consumer rights organisations.
James adds: “The aim of Resolver is to help consumers and businesses resolve issues quickly and simply making a positive difference to customer service, which is very patchy across all industries in the UK and crying out for improvement.”
Funding will also be used to double traffic to more than 1.5m registered users over the next 12 months with investments in marketing, PR, content and social media.
Stuart Chapman, Managing Partner of Draper Esprit, which has an interest in consumer services and is behind firms such as Trustpilot and Conversocial, says: “We see a continued growth of services to help empower consumers and Resolver helps in a key area for customer loyalty. We see Resolver as making a real difference in helping and empowering consumers but also helping businesses to deliver better services.”
Jon Edington, Partner of Imperial Innovations – which is interested in the future of Artificial Intelligence – adds: “Resolver is working to transform consumer rights and complaint resolution by automating the process for the benefit of both consumers and businesses.
“The company has made fantastic progress since its creation two years ago and we are looking forward to working with the team to grow its user base and increase its breadth of offering, both for consumers, and for the thousands of companies in Resolver’s database that use the services to improve their customer services.”
As part of the site’s free and independent ethos, users of Resolver.co.uk don’t have any of their personal consumer data sold to third parties and they are not met with adverts. Instead Resolver as a company raises revenue by helping businesses understand how well their own companies and organisations are performing – as well as their competitors – based on anonymised user data taken from the system.
Resolver.co.uk sees 65% of cases offered a resolution with many users receiving back hundreds of pounds each. Top issues include banking (including packaged bank accounts), travel and flight delays, shopping instore/online, telecoms, utilities and dining out.
Resolver’s free and independent website and iOS/Android apps enable people to get their complaints heard quickly and easily – and resolved successfully. After entering details of issues into the impartial platform, users are given templated emails created automatically with all their relevant details. These are then sent through the Resolver system to the right department/s at any one of 30,000+ brands, companies and organisations. Complaints can then be escalated all the way to Ombudsman Services or appropriate regulators. Each day, an average of 1500 new cases are raised through Resolver.co.uk. The website receives more than 600,000 visits each month and offers up-to-date advice and tips at the start of the process to inform users of their consumer rights. The company was launched in September 2014 by James Walker following an awful complaints experience relating to a boiler repair at his home. Based in Borough, south London, in 2015, Resolver won business SME award The Pitch. Resolver are proud members of AdviceUK, TrustMark, Trading Standards Institute and Buy with Confidence and work in consultation with regulators, government departments, Ombudsmen and consumer rights organisations.
Source: Draper Espirit Press Release