InDebted Valuation, Funding & Investors

InDebted is valued at $249M as of September 2024.

Last InDebted valuation

$249M

Series C · Sep 2024

Last InDebted funding round

$42M

Series C · Sep 2024

Cumulative funding InDebted raised

$105M

across 6 funding rounds

Key investors in InDebted

  • Carthona Capital
  • Reinventure
  • Perennial Partners
  • MassMutual Ventures
  • Greg Waldorf
  • Airtree Ventures

InDebted Overview

About InDebted

InDebted is a Sydney-headquartered SaaS provider of debt recovery software utilizing machine learning for personalized collections. Its cloud platform integrates via APIs with client CRM systems, offering payment plans and self-service portals to businesses in Australia, New Zealand, the UK, and Canada, primarily in telecoms, utilities, and banking.


Founded

2016

HQ

AustraliaSydney

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Valuation

$249M (Sep 2024)

InDebted Valuation

InDebted is currently valued at $249M, based on its Series C in September 2024.

The $42M round was led by Airtree Ventures, with participation from Reinventure, Carthona Capital, Premier Capital Partners, Australian Retirement Trust and Perennial Partners.

InDebted's valuation has grown 1.2x from $200M at its undisclosed-stage round in July 2022 to $249M in September 2024, across 2 priced rounds.

InDebted valuation by funding round

InDebted valuation by funding round
DateStageValuation
Sep 2024Series C$249M
Jul 2022Undisclosed stage$200M

InDebted Funding History

InDebted has raised a total of $105M across 6 funding rounds.

InDebted's first fundraising round was a $1M seed round in May 2017. The most recent completed round was a $42M Series C in September 2024.

InDebted funding rounds

InDebted funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2024Series CAirtree Ventures (lead); Reinventure; Carthona Capital; Premier Capital Partners; Australian Retirement Trust; Perennial Partners$42M$249MInDebted is an Australian-founded global fintech specializing in AI-driven debt collection, using machine learning to personalize collections journeys and improve customer experience over traditional agencies. The company serves organizations seeking ethical, technology-enabled solutions for debt resolution, with a dedicated customer experience team supporting its platform. In September 2024, InDebted completed a A$60 million Series C funding round led by Airtree Ventures, with participation from Australian Retirement Trust, Premier Capital Partners, and existing investors including Reinventure, Carthona Capital, and Perennial Partners; Second Quarter Ventures acquired shares from early employees and angels. The round, which included A$10 million in secondary sales, valued the company at greater than A$350 million, a premium to its prior valuation, bringing total funding to approximately A$163 million across multiple rounds. Equivalent figures reported as US$66 million raised at over US$467 million or US$250 million valuation in some coverage, reflecting currency variations. The new capital supports global expansion including launches in UAE and Mexico, M&A for industry consolidation, and product development, as the company is already operationally profitable since February 2024 with a 110% compound annual growth rate. InDebted generates 70% of group revenue from US operations, which grew 195% in the last fiscal year, positioning it as a category leader displacing incumbents. Prior rounds include a July 2022 raise of A$30 million at A$267 million valuation led by Perennial.
Jul 2022Undisclosed stagePerennial Partners (lead); Carthona Capital; MassMutual Ventures$23M$200MInDebted is a Sydney-based fintech company specializing in digital debt collection, using AI and machine learning to personalize debt resolution processes and improve customer experience over traditional agencies. In July 2022, it raised £22.5m (US$30m) in a funding round led by Perennial Value Management, with participation from investors including Carthona Capital, at a valuation of £200m (US$267m). This round was part of InDebted's broader funding history, bringing total capital raised across multiple rounds toward £122.5m (US$163m) by later stages. The 2022 raise supported InDebted's growth in a large, manual industry ripe for technological efficiency gains, positioning it as an empathetic alternative for organizations prioritizing customer experience in debt management. Subsequent developments included a larger Series C raise in September 2024 of A$60m (approximately £50m or US$66m), led by Airtree with support from Australian Retirement Trust, Premier Capital Partners, and existing investors like Carthona and Perennial, valuing the company at over A$350m. This capital was earmarked for international expansion into markets like UAE, Mexico, Europe, and South America, amid industry consolidation opportunities. InDebted had raised about $93.82M across prior rounds by 2024, elevating it to the second-largest player in the Australian market.
Jul 2021Series BPerennial Partners (lead); Reinventure; Carthona Capital; MassMutual Ventures; Jason Lenga; Greg Waldorf$18M-InDebted is a Sydney-based fintech company specializing in AI-driven digital debt collection, using artificial intelligence and machine learning to personalize debt recovery processes and improve customer experience in a traditionally manual industry. The company has raised multiple funding rounds, with total funding reaching approximately US$163m across five rounds as of the latest Series C. The Series C round in 2024 raised US$66m led by Airtree Ventures, with participation from Australian Retirement Trust, Premier Capital Partners, and existing shareholders Reinventure, Carthona, and Perennial, valuing InDebted at US$467m. A secondary market round in September 2024 valued the company at $250M, with Carthona Capital and Perennial as investors. This funding supports global expansion into UAE, Mexico, Europe, and South America, following operating profitability achieved in February 2024 and a 110% CAGR. InDebted continues to focus on industry consolidation and technological efficiency gains, backed by long-term investors like Reinventure since the seed stage.
Jan 2021Series AOneVentures$8M-InDebted is a fintech specializing in digital debt collection for unsecured consumer debt. The company uses machine learning algorithms to optimize communication methods and timing based on customer profiles, achieving 43% improvement in collections compared to traditional agencies. Its collection process is 91% automated, with 98% of customer communications delivered digitally via SMS, social media, and email. InDebted serves both fintech platforms including BNPL providers and traditional lenders such as banks, utilities, and telecos globally. In February 2021, OneVentures announced support for InDebted through a debt facility alongside equity to fund the acquisition of Delta Outsource Group Inc. (USA) and geographic expansion in preparation for a Series B round. The company had raised $25 million or more to date from investors including MassMutual Ventures (South East Asia), Carthona, and Reinventure.
Feb 2020Series ACarthona Capital (lead); MMV Europe & Asia-Pacific (lead); Reinventure$14M-InDebted raised $14M in its Series A round in 2020 with participation from Carthona Capital, MassMutual Ventures, and Reinventure. The company provides AI and machine learning-powered debt collection solutions as an alternative to traditional agencies. InDebted later completed additional rounds, including a $25M Series B in 2021 led by Carthona Capital and others, a $22.5M round in 2022, and a $60M Series C in 2024 valuing the business at greater than A$350M.
May 2017SeedReinventure (lead); Main Sequence Ventures; Lachlan Heussler; Greg Waldorf; Jag Khangura$1M--

Who has invested in InDebted?

14 investors have backed InDebted across its funding rounds, including Carthona Capital, Reinventure, Perennial Partners, MassMutual Ventures, Greg Waldorf and Airtree Ventures.

Lead investors include Airtree Ventures, Perennial Partners, Carthona Capital, MMV Europe & Asia-Pacific and Reinventure.


InDebted Investors

Investors in InDebted by funding rounds participated
InvestorHQRoundsRoleFirst check
ReinventureAustraliaSydney4LeadMay 2017
Carthona CapitalAustraliaSydney4LeadFeb 2020
Perennial PartnersAustraliaSydney3LeadJul 2021
MassMutual VenturesUnited StatesUnited States2ParticipantJul 2021
Greg WaldorfUnited StatesSan Francisco, CA2ParticipantMay 2017
OneVenturesAustraliaSydney1ParticipantJan 2021
Premier Capital PartnersAustraliaSydney1ParticipantSep 2024
Main Sequence VenturesAustraliaAustralia1ParticipantMay 2017
MMV Europe & Asia-PacificSingaporeSingapore1LeadFeb 2020
Australian Retirement TrustAustraliaBrisbane1ParticipantSep 2024
Jason LengaAustraliaMelbourne1ParticipantJul 2021
Lachlan HeusslerAustraliaSydney1ParticipantMay 2017

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Acquisitions by InDebted

InDebted has acquired 5 companies to date.

Last acquisition by InDebted was on July 10th 2025. InDebted acquired AmSher Collection Services for undisclosed valuation.


Latest Acquisitions by InDebted

AmSher Collection Services
Debtworks (NZ)
receeve
Reminda
Description
AmSher Collection Services is a contingency-based debt recovery agency. The company manages accounts receivable for healthcare providers, utilities, and financial institutions using skip tracing and compliance with FDCPA regulations.
Debtworks (NZ) is a specialist in debt recovery, credit management, and loan portfolio servicing across New Zealand. Auckland-headquartered, it manages collections for banks, utilities, and government agencies using compliant strategies and advanced technology. Debtworks handles commercial and consumer debts, provides skip tracing, and offers field services, recovering millions annually for clients throughout the country.
receeve is a cloud-native, no-code platform for collections and recovery that automates credit management processes from pre-delinquency to debt sale. Headquartered in Luxembourg, the company integrates data from multiple systems to provide 360-degree customer insights, customer engagement tools, and risk minimization strategies. receeve enables in-house teams to customize workflows, deploy strategies, and manage portfolios across consumer and commercial debts.
Reminda is a Norwegian fintech company headquartered in Oslo that delivers automated debt collection software for financial institutions, utilities, and public sector clients across Scandinavia. The platform integrates data-driven strategies for personalized call campaigns, digital reminders, and recovery workflows, serving over 200 customers including major banks like DNB and telecom providers. Established in 2011, Reminda processes millions of annual cases with compliance to GDPR and local regulations, expanding into the UK market since 2020.
HQ CountryUnited StatesNew ZealandGermanyAustralia
HQ City
-
Auckland
Hamburg
Sydney
Deal Date10 Jul 202510 Jul 202510 Dec 20241 Oct 2023
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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InDebted Competitors

InDebted competitors include listed companies like Intelligent Wave and Quantgroup Holding, and private ones like Aperture Finance, Flexbase Technologies, Mash Finance Group and Episode Six.

Public and private companies comparable to InDebted
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Aperture FinanceUnited StatesSan Francisco, CAPrivate--$250M-
Flexbase TechnologiesUnited StatesSan Francisco, CAPrivate--$250M-
Mash Finance GroupFinlandHelsinkiPrivate--$255M-
Intelligent WaveJapanJapanPublicly listed$110M$24M$256M2.1x
Episode SixUnited StatesAustin, TXPrivate--$258M-
Quantgroup HoldingChinaChinaPublicly listed$154M$40M$262M-

InDebted Public Comps

InDebted is still privately-owned, but its public comps include Intelligent Wave, Quantgroup Holding, Linedata Services, i3 Verticals, Datawalk, Densan System Holdings Co, Automated Bank Services, Blend Labs, Profile Software and Praemium.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Intelligent Wave$110M$24M2.1x2.1x9.3x-
Quantgroup Holding$154M$40M1.6x-6.4x-
Linedata Services$195M$42M1.8x1.8x8.5x7.0x
i3 Verticals$213M$43M2.4x2.3x11.7x8.6x
Datawalk$10M($18M)18.8x14.7x(10.3x)(47.4x)
Densan System Holdings Co$435M$29M0.2x0.2x3.3x3.4x
Automated Bank Services$52M$23M4.7x-10.5x-
Blend Labs$124M$3M3.3x3.2x138.7x23.2x

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Common questions about InDebted

When was InDebted founded?InDebted was founded in 2016.
Where is InDebted headquartered?InDebted is headquartered in Sydney, Australia.
Is InDebted publicly listed?No, InDebted is a private, VC-backed company.
What is InDebted's valuation?InDebted was last valued at $249M in its Series C in September 2024.
How much funding has InDebted raised?InDebted has raised $105M across 6 funding rounds.
What was InDebted's last funding round?InDebted's last funding round was a $42M Series C in September 2024, led by Airtree Ventures.
Who are InDebted's investors?InDebted's investors include Reinventure, Carthona Capital, Perennial Partners, MassMutual Ventures, Greg Waldorf, OneVentures, Premier Capital Partners, Main Sequence Ventures, MMV Europe & Asia-Pacific, Australian Retirement Trust and 4 others.
Which companies are comparable to InDebted?Companies comparable to InDebted include Aperture Finance, Flexbase Technologies, Mash Finance Group, Intelligent Wave, Episode Six and Quantgroup Holding.
How many companies has InDebted acquired?InDebted has acquired 5 companies, including AmSher Collection Services, Debtworks (NZ), receeve, Reminda and Delta Outsource Group.

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