Australian fintech startup InDebted raises $9m Series A

A man tracks financial markets on his laptop. Photo: Jason Briscoe/unsplash

Australian fintech company InDebted has raised A$14 million ($9 million) in its Series A funding round co-led by venture capital firms Carthona Capital and MassMutual Ventures Southeast Asia with follow-on support from Reinventure, according to an announcement.

Founded in 2016 by Josh Foreman, InDebted is a digital-first, data-driven collections service. It claims to have supported over 250,000 customers through its platform. To date, the company, which has three offices in Sydney, Manila, and London, has raised a total of A$17 million in funding.

“InDebted is leading the way in bringing radical change to the debt collection industry, with a focus on helping customers to get back on their feet and improve their financial well-being,” said MassMutual Ventures SEA managing director Ryan Collins.

MassMutual Ventures Southeast Asia is an investment subsidiary of MassMutual Life Insurance Company, a global financial services firm engaged in insurance, asset management, retirement services, cybersecurity, data science, and IT infrastructure.

Carthona Capital, founded in 2014, shifted to the venture capital model by raising its first fund from a mix of institutional (superannuation), family office and high net-worth investors in 2017.

In recent deals in the fintech space, Australian fintech startup Cheq raised A$1.75 million ($1.1 million) in debt and equity to launch its Pay On-Demand (POD) solution targeting to remove payday lending in Australia.

Earlier, Sydney-based payments services provider Tyro Payments was reported to file a prospectus for a domestic initial public offering (IPO) that could raise as much as A$252.7 million ($173.23 million).

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.