SoloSuit Secures $2 Million to Propel Towards Series A
Provo, Utah — SoloSuit, a legal tech startup that streamlines the debt resolution process for consumers, has successfully raised $2 million in a Seed Plus funding round. This round positions the company, which was founded in Provo, UT, closer to achieving Series A. It is a significant milestone in SoloSuit’s mission to modernize debt settlement.
Several notable investors led this round of funding, including:
Harold McPike's global Family Office
Lobster Capital
Mana Ventures,
Temerity Impact
Local Utah investors Jeffrey Tolk and Tubbs Ventures
David Fox, a former managing partner at Kirkland & Ellis, a top-tier law firm
Jeffrey Tolk, a Harvard Law School graduate and Provo-based angel investor, emphasized SoloSuit’s unique value proposition. "I have always sought technology-based solutions that could automate the litigation process and level the playing field between wealthy corporations and ordinary citizens. SoloSuit is one of the most promising solutions I've seen. It's already profitable, and I see huge growth opportunities ahead for the company."
Founded by George Simons in 2018, SoloSuit originated from his experiences as a joint JD/MBA student at BYU and his involvement in LawX, a legal design lab at the J. Reuben Clark Law School. The company’s early success in Utah with a free tool for debt lawsuit responses has since expanded nationwide, addressing a critical need for an efficient, consumer-friendly way to handle debt lawsuits.
Simons identified a significant gap in the debt resolution market: both consumers and collectors want to settle, yet the traditional process is cumbersome and costly. SoloSuit’s flagship product, SoloSettle, directly addresses this by connecting consumers with collectors through a digital platform, simplifying negotiations and often achieving settlements in under 14 days. It is the world’s first debt settlement marketplace.
“If consumers don't respond to a debt lawsuit, they can't settle,” noted Simons. “Most people don't respond. However, when they use SoloSuit, it puts them on the right track to settle, and they can do so in a much shorter time frame, and they save themselves a lot of money and pain.”
He continued, "SoloSuit has built relationships with collectors. They know who we are. They're familiar with us. They know we can save them money and time. We connect the consumer directly to the collector. We get the case settled usually in under 14 days. Often, we'll settle the case within three to four days, and for a significant discount off the original amount.”
This funding round not only validates SoloSuit’s business model but also accelerates its efforts to scale SoloSettle. With over 230,000 consumers bringing more than $1.5 billion in debt onto the platform with the intention of settling, SoloSuit is poised to disrupt the debt collection industry by making the settlement process faster, fairer, and more accessible for both consumers and debt collectors.
"About 70 million people in the US are in collections annually," explained Simons. "We've helped a small fraction of them. We want to expand to help all of them. Thank you to everyone who has said yes. Yes to the impossible: bringing together collectors and consumers. Yes to our vision of the future for a better debt collection industry. And yes to helping people through the worst financial pain of their lives.”
As SoloSuit continues to grow, the new capital will be pivotal in expanding its SoloSettle platform, enhancing its technology, and ultimately reaching millions more consumers struggling with debt.
About SoloSuit:
SoloSuit is a legal tech startup that helps consumers resolve debt collection lawsuits. Its technology assists consumers in drafting and filing a customized response into their cases, and it connects consumers with collectors through its digital platform, SoloSettle, to help the two parties reach a settlement.