NewDay Company Challenges and Poor Customer Service

NewDay has faced criticism for its poor customer service, with many customers reporting long wait times and unhelpful representatives.

The company's struggles with customer service have led to a decline in customer satisfaction, with some customers reporting that their issues were not resolved.

According to the company's own data, NewDay's customer satisfaction ratings have decreased significantly in recent years.

NewDay's customer service issues are not the only challenge the company faces, as it has also struggled with debt collection practices and high interest rates on its credit cards.

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NewDay has raised a total funding of $43.4M over 5 rounds.

Its first funding round was on July 27, 2005.

NewDay's latest funding round was a Series B round on 2010 for an undisclosed amount.

Two investors participated in its latest round, which includes Epiris and Varde Partners.

NewDay has had a total of 491K+ funding rounds.

Here's a breakdown of NewDay's funding history:

NewDay has 8 institutional investors, including some big names like Credit Suisse and Morgan Stanley.

These investors play a crucial role in shaping the company's direction and growth.

Credit Suisse and Morgan Stanley are both well-established financial institutions with a long history of success.

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NewDay has several competitors in the consumer credit financial services industry. Afterpay, a Melbourne-based company, is currently ranked as the overall top competitor with $35.4M in total funding and a Tracxn Score of 80/100.

NewDay's main competitor, Afterpay, was founded in 2014 and has received funding from prominent investors such as Matrix and Tencent. In contrast, NewDay was founded in 2000 and has received funding from Credit Suisse and Morgan Stanley.

The Tracxn Score of Afterpay is significantly higher than NewDay's, indicating a stronger market presence. Afterpay's Tracxn Score of 80/100 is the highest among all competitors listed, while NewDay's score is 70/100.

Other notable competitors include Jaja, Tymit, and KEEBO, all of which are UK-based companies. Jaja was founded in 2016 and has raised $60.8M in funding, while Tymit was founded in 2017 and has received $31.1M in funding. KEEBO was founded in 2019 and has raised $21.9M in funding.

Here is a list of the top 5 competitors of NewDay, ranked by their Tracxn Score:

These competitors offer a range of services, from point-of-sale financing to credit card issuing and processing solutions.

NewDay has made significant investments and acquisitions to expand its services and capabilities.

The company acquired Pay4Later in 2014, a deal that marked a major milestone in its journey.

NewDay invested in a new platform to improve its customer service and experience.

This investment led to the development of a new mobile app that allowed customers to manage their accounts on the go.

NewDay acquired the credit card business of Royal Bank of Scotland in 2017, significantly expanding its portfolio.

The acquisition included over 1 million customers and a range of credit card products.

NewDay has continued to invest in its technology and infrastructure, enabling it to offer more sophisticated and personalized services to its customers.

The company's investments have paid off, with NewDay experiencing significant growth and expansion in recent years.

Related reading: Venture Capital Investments

NewDay's complaints process can take up to 8 weeks to resolve, following the Financial Ombudsman Service guidelines.

The company acknowledges complaints within 5 working days and provides a complaint reference number.

Customers may experience delays in resolving issues, but the complaints team is working hard to investigate and resolve complaints as fast as possible.

NewDay, a leading provider of unsecured consumer credit in the UK, aimed to update its credit risk and underwriting capabilities to maintain its competitive advantage and continue its growth.

The company wanted to acquire 907,000 new customers in 2021 while lending responsibly without increasing the risk to the business or customer.

Its mission is to help people move forward with credit, which is essential for its customers, especially near-prime customers who may not have easy access to credit from mainstream lenders.

NewDay serves 4.6 million customers and offers a range of credit products, including physical and digital cards, and a Buy Now, Pay Later service.

Its goal is to continue growing through new customer acquisition while staying true to its mission.

Poor service can be frustrating and demotivating, especially when you're trying to resolve an issue with a company. It can take up to 8 weeks to resolve a complaint, as per the Financial Ombudsman Service guidelines.

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You might expect a response within a shorter timeframe, but it's essential to understand the process. The complaints team will send an acknowledgement letter within 5 working days, including your complaint reference number.

This acknowledgement is a crucial step in the process, ensuring you're aware of the progress of your complaint. The team will also keep you updated during the investigation.

If you're experiencing poor service, it's best to contact the company directly to discuss the issue further. In some cases, security restrictions may prevent discussing account-specific information online.

You can reach out to the company via phone, as mentioned in the example, to get a more detailed explanation of the process and any next steps.

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