InDebted, an Australian fintech company that made a splash in the United States earlier this year when it purchased Delta Outsource Group, has announced it has raised an additional $25 million of funding as it continues to expand across the globe.
The $25 million will be used to help fund the company’s expansion into the United Kingdom, Southeast Asia, and and Europe. It was founded in Australia and also has clients in New Zealand and Canada. The company’s value proposition is using technology to identify the communication channels and best times to reach individuals who have unpaid debts, and give them a easy-to-use self-service portal to repay the debt. The company said it has processed more than $1 billion in transactions since it was founded. It has seen a “surge” in use from banks during the COVID-19 pandemic because of its “less aggressive” approach to collections, according to a published report.
The $25 million is on top of the $8 million it raised earlier this year to fund its acquisition of Delta and to help bring on experienced veterans, like Tim Collins, Joe Gelbard, and John Watson, to help grow the company’s footprint in the United States and abroad.
Of all the company’s fund-raising efforts, the latest round was the fastest capital raise to date, going from start to finish in less than two months, according to the report.
“Our growth in North America is phenomenal but we have barely scratched the surface, so that is a big opportunity,” said Josh Foreman, InDebted’s founder and chief executive officer, in the report.
Investors said they project that InDebted has the opportunity to become the “platform layer for collections globally” which could lead to a multi-billion dollar valuation for the company.
Investors in the latest round of financing included Perennial Value Management, Carthona Capital, Reinventure, and MassMutual Ventures Southeast Asia.
