InDebted, the Sydney fintech that successfully collects outstanding debts with digital carrots rather than sticks, has raised $25 million in a series B.
The round was led by Perennial Value Management alongside follow-on investments from Carthona Capital, Reinventure and Mass Mutual Ventures Southeast Asia, as well as several prominent local investors, including former Tiger Global operating partner Jason Lenga.
The cash injection will be used to accelerate new market expansion plans, product build out, engineering, data science and go-to-market teams, as well as to invest in new areas and products to support consumers.
InDebted currently operates in Australia, New Zealand, Canada, the United States and the United Kingdom. The business is now the world’s leading digital debt collection service, working with large consumer finance firms, utilities and
InDebted specialises in digital debt collection and is building a global collections API. The fintech uses data insights it gathers from the people it’s seeking to collect money from to create a positive customer experience when collecting outstanding debts for its clients.
Josh Foreman, InDebted’s founder and CEO, said Europe and Southeast Asia are key targets for expansion.
“Completion of InDebted’s Series B transaction gives us the capital necessary to increase the pace of our global roll out strategy which will help us to deliver our goal of becoming the global consumer collections API,” he said.
“InDebted is now working with global brands that operate in multiple countries and we are able to offer them a consistent digital collections experience across those countries.
“I’m incredibly proud of what the team has achieved to date and look forward to seeing what more we can accomplish in the years ahead.”
Ryan Sohn, portfolio manager at Perennial Value Management said his company was pleased to back InDebted as it builds the next generation of global digital collections infrastructure.
“The business has an impressive track record of growth, a tier one client base and is building an amazing worldwide team. Their product is world leading and is only getting better as they scale,” he said.