Global debt collection fintech InDebted announced the completion of its $40 million Series C funding round, valuing the company at greater than $250 million. Primary investors include Airtree, Australian Retirement Trust and new growth fund Premier Capital Partners. Existing shareholders Reinventure, Carthona and Perennial have also participated, with Second Quarter Ventures purchasing shares from angel investors and early employees.
InDebted offers future-thinking organizations with a better alternative to traditional debt collection agencies. By using technology such as machine learning to personalize every collections journey, with the support of a dedicated Customer Experience team, InDebted makes the experience of debt resolution more human.
This Australian-founded organization has a significant presence in its home country but is now generating 70% of group revenue from its US operations – increasing 195% over the last fiscal year. And nearly half of the company’s 300 employees are based throughout the United States, including its Founder and CEO Josh Foreman, who relocated to the US last year.
The funding round reflects a strong vote of confidence in InDebted’s differentiated products and solutions, financial and operational performance, and global growth strategy.
The funding round – which was led by Airtree and supported by a range of existing and new investors – is not required to support existing operations and will be used to fuel further growth such as expansion into new markets, delivery of its M&A strategy, and developing the company’s products and solutions. And InDebted achieved operating profitability in February 2024, with a compound annual growth rate of 110%.
Santander Corporate & Investment Banking (Santander CIB) acted as the exclusive financial advisor and placement agent to InDebted in this transaction. Legal advice was provided by King & Wood Mallesons in Sydney.
KEY QUOTES:
“We’re launching in the UAE and Mexico in next month and following this, we’ll be using the fresh capital to further our presence in Europe and South America.”
“While the demand for InDebted’s differentiated solution is global, the United States is a key part of our growth story, where InDebted has been referred US$2B in accounts by US organizations who care about supporting their customers with a positive collections experience driven by technology.”
“We know that delinquency rates continue to increase in the US, and millions of consumers have become reliant on credit products to fill the budgeting gaps created by increased cost of living pressures.
And when savings safety nets are vanishing, the role of debt collection becomes more prevalent than ever. We believe that empathy, flexibility and convenience must lead the way.”
“Globally, the debt collection industry is ripe for consolidation, and this capital injection ensures we are well placed to continue our participation in this consolidation to further drive profitable growth for our investors, while progressing the sector at large, and supporting people around the world with a better experience managing debt.”
-InDebted Founder and CEO Josh Foreman
“We’ve known Josh and the team for many years and have seen the business go from strength to strength, positioning themselves as category leaders and displacing incumbents along the way.”
“InDebted’s global success, product innovation and best-in-class growth and performance made partnering with the team for this next stage an easy decision.”
-Airtree Co-founder and Partner Craig Blair
“Since then, the team has continued to impress us by creating an empathetic solution to a difficult problem, becoming the only partner for organizations who are serious about customer experience.”
-Reinventure Co-Founder Danny Gilligan
