Tempe, Ariz. -- Digital Bill payment platform Remitter has finalized its purchase of Mercantile Adjustment Bureau following a successful pre-IPO USD $12m cap raise led by Canaccord Genuity. The raise was also backed by Allium Capital and Casey Capital.

Remitter is a white-label communications platform, founded in Australia, which uses AI to optimize 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.

By analysing behavioural heuristics to automate each customer’s experience with branded messaging and payment options, Remitter increases customer recoveries by as up to 280 percent, significantly improving cash flow.

Mercantile Adjustment Bureau services many of the USA's leading brands and verticals, including Fortune 100 to Fortune 500 banks, financial institutions, retailers, universities, and auto industries, as well as the healthcare sector. The acquisition of Mercantile is anticipated to propel the company’s revenue from USD $2 million in 2021 to USD $18.4 million in 2022, according to company forecasts.

"In coming together with Remitter, Mercantile’s strong position within the highly competitive ARM industry will be strengthened immensely. They share our philosophy of providing omnichannel options for which the customer may engage, having a positive experience and making the payments process seamless and efficient for all parties, to the highest professional, ethical, and compliance standards," said Bruce Gray, Mercantile CEO.

The payment process is critical for creditors to get right. “The combination of Remitter’s capabilities and Mercantile’s platform will create a new gold standard,” according to Mike Ginsberg, President and CEO of Kaulkin Ginsberg who advised Mercantile in this transaction.

Remitter entered the US market in 2020, underpinned by two years of development, collaboration with clients to ensure the optimal feature set and compliance across USA states and territories. The business has already amassed more than 20 "blue chip" customers, including a significant take-up in digitally native customers.

Mercantile Adjustment Bureau is recognized as a leader in receivables management services. It services many of USA's most recognized brands and verticals which includes: Fortune 100 to Fortune 500 banks, financial institutions, retailers, universities, and auto industries.

“Our acquisition of Mercantile Adjustment Bureau is an outstanding opportunity to access a significant client base and use our technology to increase end-user satisfaction through flexibility and convenience, while increasing penetration and conversion for our clients," said Simon Scalzo, Executive Director, Remitter. 

Remitter has aggressive plans for growth in the Americas with continued expansion in the USA, Canada, and South America organically and by acquisition.

The market size, measured by revenue, of the Debt Collection Agencies industry in the US is $18.6bn in 2021, increasing faster than the US economy overall[i]. It’s projected to grow 4.4% driven by low revenue volatility and aggregate household debt. The size of the US ARM (accounts receivable management) market was roughly USD $23.8 billion in 2021, with first- and third-party collection agencies projected to generate USD $16.5 billion in revenue on aggregate, while debt buyers will generate $6.1 billion and repossession services firms will generate $1.2 billion in revenue[ii].

About Mercantile

Founded in 1934, Mercantile Adjustment Bureau is recognized as a leader in receivables management services. It services many of USA's most recognized brands and verticals which include Fortune 100 to Fortune 500 banks, financial institutions, retailers, universities, and healthcare providers.

About Remitter

Remitter is a white-label communications platform which uses artificial intelligence to optimize customer engagement and enhance the recovery of accounts receivables. By analyzing behavioral heuristics to automate each customer’s experience with branded messaging and payment options, Remitter increases customer recoveries by an estimated 280 percent.


[i] IbisWorld Debt Collection Agencies in the US - Market Size  2005–2027

[ii] Kaulkin Ginsberg Accounts Receivable Management: An Industry Poised for Growth


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