InDebted secures $60 million to continue transforming global debt collection

• InDebted completes an A$60 million capital raise, supported by new and existing investors

• The transaction values InDebted at greater than A$350 million and elevates the business to the 2nd largest player in the Australian market

• The capital injection reflects a strong vote of confidence in InDebted’s differentiated products and solutions, financial and operational performance, and growth strategy

Australian-founded global fintech, InDebted, today announced the completion of its A$60 million Series C capital raise. The funds raised will be used to expand into new markets, deliver on its M&A strategy, and further develop the company’s products and solutions.

Led by Airtree and supported by a range of existing and new investors, the raise values the business at greater than A$350 million, a significant premium to its previous raise. The new capital is not required to support existing operations, and will be used to fuel further growth. InDebted achieved operating profitability in February 2024, with a compound annual growth rate of 110%.

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 provides future-thinking organisations with a better alternative to traditional debt collection agencies. By using AI and machine learning to personalise every collections journey, with the support of a dedicated Customer Experience team, InDebted makes the experience of debt resolution more human.

InDebted Founder and CEO Josh Foreman said this funding injection signals an extremely strong vote of confidence in InDebted’s differentiated solution for organisations who care about supporting their customers with a positive collections experience driven by technology.

“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.

While our vision is global, I’m incredibly proud that this raise consists almost exclusively of Australian capital to accelerate InDebted into the next chapter. We’re thrilled to have the support of Airtree, one of Australia’s largest and most renowned venture funds, along with existing investors reinforcing their belief in our mission to change the world of consumer debt for good - and our proven ability in delivering on this”, said Josh.

“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. 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,” said Craig Blair, Co-founder and Partner at Airtree.

“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”, said Danny Gilligan, Co-Founder at Reinventure.

Josh added, “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.”

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.

ENDS

AU Media Contact: Media Contact: Katherine Hornbuckle, SEC Newgate | katherine.hornbuckle@secnewgate.com.au | 0402 862 351

UK & US Media Contact: Emma Atkin, InDebted | emma.atkin@indebted.co | +447760773989