The new Finnish growth company ResultElf has appointed Mr. Jukka Suuronen, who is also one of the company's founders, as CEO. Suuronen joins the company from Salesforce, where he founded the business software giant's Finnish country company and served as a manager for the Northern Europe Industry division.
ResultElf is set to first reform the debt collection industry with its advanced artificial intelligence solutions. In the future, solutions will also be available for other industries.
“Our goal is nothing more and nothing less than to reform the way companies make financial decisions in the same way that Paypal reformed payments. We are starting by bringing new business models, new types of values and customer-friendly collection practices to the old-fashioned collection culture,” says Jukka Suuronen.
The Elf Engine cloud platform developed by ResultElf is the first artificial intelligence-based solution on the market. It allows companies to recover their receivables more efficiently and reduce collection costs and credit losses. Elf Engine controls operations through machine learning algorithms and mathematical optimization. The solution can be seamlessly integrated with the company’s existing systems to solve business problems using actual data.
“We have calculated that a company can achieve up to 10-25% better collection results with the help of Elf Engine. For example, if a company has receivables for an average of EUR 10 million, it can save 1–2 million a year,” says Suuronen.
Growth from emerging markets
ResultElf's goal is to immediately expand its operations outside Finland to international markets.
The company has ongoing customer projects in Europe, Asia and South America. ResultElf is currently concluding partnership agreements on the African continent as well.
“With our extensive network of contacts, we have immediately caught up with the growth market. For example, 58% of Tanzania's adult population uses mobile financial services *. We believe that the need for both flexible mobile banking and more efficient collection is growing exponentially in countries that have made a rapid transition to mobile-based solutions in the financial sector. ResultElf's goal is to get its share of the growth in this market.”
ResultElf's core team consists of experienced entrepreneurs who have previously succeeded in growing and commercializing financial solutions. One of the ResultElf founders is a serial entrepreneur, mathematician and developer of the AAA Rating-model, Kenneth Halin, who also has extensive experience from Dun & Bradstreet and Experian.
“There are too few international success stories in the field of business software in Finland, and our software companies often seem to be in the dwarf class. For example, Estonia, which is smaller than us, has already succeeded in creating several unicorns, fast-growing companies valued at over billion dollars. A good example from Estonia is the CRM software company Pipedrive. There is nothing to stop Finnish companies from reaching the same level. With the growth of ResultElf, we aim to significantly employ IT experts both in Finland and internationally,” Suuronen summarizes ResultElf's future prospects.
Mr Jukka Suuronen, President and CEO, ResultElf
firstname.lastname@example.org, +358 40 841 6676
ResultElf builds enterprise software solutions based on artificial intelligence and mathematical optimization. Its operations are based on strong industry and algorithm expertise and the ability to solve genuine business problems using real data.