XCLAIM is digitally transforming bankruptcy claims trading, a debt instrument market in the order of hundreds of billions of dollars a year, by introducing modern technology to an antiquated industry.
What do we do:
It may sound a little dry but in actuality, it’s a space begging for digitization. When a company files for bankruptcy its outstanding payables are transformed into unsecured claims, and the vendors become creditors. Since 1978, the process to source and transact on these financial instruments has remained largely the same: mass-mailings, cold calls, and wet-ink signatures on paper forms. The “Main Street” creditors are often unaware of the value of their claim, and Wall Street has benefited by taking advantage of these parties’ lack of understanding of the bankruptcy process to buy these claims for discounted prices. XCLAIM is introducing knowledge, fairness, and liquidity through efficiency into an existing but outdated $400B capital market.
Who we are:
Our team consists of industry and functional experts, with decades of combined experience in bankruptcy, restructuring and software engineering. We are driven by our shared mission of creating an efficient and balanced digital marketplace. Although we are still building, we recently closed a $4M seed round led by First Round Capital, and have already secured a majority of digital market share through exclusive data sharing agreements.
We use Ruby on Rails, TypeScript, GraphQL, PostgreSQL, React.js, and AWS infrastructure.
What You have:
What you’ll do: