Fintech InDebted raises $60 million
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The news: Debt collection fintech InDebted has raised $60 million through a Series C capital raise to expand into new markets and further develop products and solutions.
The numbers: The raising attracted existing and new investors, including Airtree Ventures, Australian Retirement Trust, Carthona Capital, Reinventure and Perennial, and boosted the startup’s valuation to over $350 million.
The context: The funds raised will be used to expand into new markets and on mergers and acquisitions, as well as to further develop the company’s products and solutions, InDebted said.
The company uses AI and machine learning to personalise debt collections and make them a gentler experience for those owing money. It already operates in Australia, New Zealand, Canada, the US and UK, and is now looking to expand into the Middle East and South America.
What they said: Co-founder and partner at Airtree Craig Blair said: “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."
The source: InDebted media release
