InDebted, an Australian-founded global FinTech, announced today the successful completion of a $60m Series C funding round.
This significant investment values the company at over A$350m, marking a considerable increase from its previous valuation.
The funding round was led by Airtree, with participation from the Australian Retirement Trust and the newly established Premier Capital Partners. Existing investors such as Reinventure, Carthona, and Perennial also contributed, alongside Second Quarter Ventures, which acquired shares from angel investors and early staff members.
InDebted stands out in the financial technology sector by offering a modern alternative to traditional debt collection practices. The company leverages artificial intelligence (AI) and machine learning to create personalized debt collection journeys, significantly improving the customer experience with the support of a dedicated Customer Experience team.
The newly acquired funds will be directed towards InDebted’s expansion into new markets, including upcoming launches in the UAE and Mexico. Furthermore, the capital will support the company’s mergers and acquisitions strategy and the enhancement of its product offerings. CEO Josh Foreman emphasized that the investment is a testament to the confidence in InDebted’s unique approach to debt collection, which aims to provide a more humane and effective solution for organizations and their customers.
Additional details revealed include InDebted’s plan to extend its presence into Europe and South America, underlining its commitment to global growth. The company, which achieved operating profitability in February 2024, has seen a remarkable compound annual growth rate of 110%.
InDebted Founder and CEO, Josh Foreman, remarked on the raise: “This capital will enable us to further expand our operations around the world, where we’re experiencing significant demand for the solution we provide. We’re launching in the UAE and Mexico next month, and following this we’ll be using the fresh capital to further our presence in Europe and South America.”
“InDebted is rewriting the narrative on debt collection, using technology and data to deliver ethical solutions that alleviate what has traditionally been a painful customer experience,” said Craig Blair, Co-founder and Partner at Airtree.
Danny Gilligan, Co-Founder at Reinventure, also shared: “We first invested in InDebted’s seed round seeing the huge potential for efficiency gains by applying technology to a very large, manual industry. Since then, the team has continued to impress us by creating an empathetic solution to a difficult problem, becoming the only partner for organisations who are serious about customer experience.”
InDebted’s previous funding rounds included notable early investments from Reinventure and others, showcasing a long-standing confidence in their innovative solutions to debt collection.
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