InDebted

InDebted is a financial technology company that offers a digital, data-driven approach to debt collection. The company was founded in 2015 in Sydney, Australia, by Josh Foreman, who currently serves as the CEO. Foreman, with a background in computer science and experience in technology and finance, was inspired to create InDebted after observing the inefficiencies and poor customer experience of traditional debt collection methods while seeking a provider for a client. He envisioned a more humane and effective system leveraging technology, a stark contrast to the often aggressive tactics prevalent in the industry.

The company operates on a global scale, serving clients in markets that include the United States, Canada, the United Kingdom, Australia, New Zealand, Mexico, and the United Arab Emirates. Its client base consists of businesses across various sectors, such as banking, telecom, utilities, and Buy Now, Pay Later (BNPL) providers, who are looking for a more customer-centric way to manage receivables. InDebted's revenue model is centered on its software and services, and as of February 2024, the company achieved operating profitability with a compound annual growth rate of 110%. The majority of its revenue, 70%, is generated from its US operations.

InDebted's core product, "Collect," is a third-party collections platform that utilizes machine learning and artificial intelligence to personalize the debt resolution journey for each individual. This digital-first platform engages customers through their preferred channels, including SMS, email, and webchat, and provides a self-service online portal. This portal allows customers to manage their accounts, set up flexible payment plans, and make payments using various methods like direct debit or Apple Pay, all without needing to speak to an agent. This approach has resulted in a high rate of independent account resolution, with 86% of paying customers managing their accounts entirely through the portal. The platform is built with compliance at its core, integrating collections and consumer protection laws directly into its code to ensure adherence to regulations in all its operating markets.

Since its inception, InDebted has secured significant financial backing, raising a total of $97.6 million over seven funding rounds. A major milestone was the Series C funding round in September 2024, which raised $40 million and valued the company at over $350 million. This capital is being used to fuel international expansion, pursue M&A opportunities, and further develop its product suite. The company has a history of strategic acquisitions, including the US firm Delta Outsource Group in 2021 and the Sydney-based agency Reminda in 2022, to bolster its market presence and capabilities.

Keywords: debt collection, financial technology, fintech, digital collections, machine learning, accounts receivable management, customer-centric collections, debt recovery software, automated collections, self-service payment portal, global debt collection, intelligent collections, compliance technology, revenue cycle management, BNPL collections, consumer finance, data-driven collections, AI in finance, Josh Foreman, InDebted Collect