Australian fintech startup InDebted secures $9m from MassMutual, others

InDebted, an Australia-based debt collection startup, announced that it has raised A$14 million (US$9.2 million) in a series A funding round co-led by Carthona Capital and MassMutual Ventures Southeast Asia, with follow-on backing from existing investor Reinventure.

InDebted founder and CEO Josh Foreman / Photo credit: InDebted

Founded in 2016, the fintech company says it focuses on digital-first engagement with customers, data-driven methods, customer experience, and financial fitness. It offers services not only with resolving its customers’ accounts but also accessing resources that empower their financial fitness.

The new funds will allow the company to support the needs of its large clients and expand overseas, starting with the UK, InDebted co-founder and CEO Josh Foreman told SmartCompany.

Foreman said the company has seen its revenue grow 300% in the past 12 months and its valuation increase 18x since its seed round. It secured A$1 million (US$659,000) in a seed round from Reinventure in 2017.

InDebted, which has served over 250,000 customers to date, has more than 60 employees across its three offices in Sydney, Manila, and London.

The latest funding round brings its total capital raised to A$17 million (US$11.2 million).

The debt collection software market is projected to reach US$5.7 billion, growing at a compound annual growth rate of 9.4% from 2019 to 2026, according to a report.

Cheq, another Sydney-based fintech company, recently raised over US$1.1 million to launch its pay-on-demand solution.

Currency converted from Australian dollar to US dollar: US$1 = A$1.52.