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).