MassMutual backs InDebted
Australian digital debt collector InDebted has raised $25 million in a Series B funding round led by Perennial Value Management, with Carthona Capital, MassMutual Ventures, and Reinventure as participants.
Founded in 2016, InDebted offers companies a digital channel for customers to pay off outstanding debts. It works by assessing what channel to communicate with a debtor, such as WhatsApp or email. Rather than phoning people in arrears, InDebted gives customers a one-click, self-service portal where they can resolve their outstanding payments without speaking to anyone.
“We need to support customers on their debt free journey by providing them with the financial fitness tools they need to succeed. We also need to support customers who have accounts that are not placed with InDebted, those who use other products such as debt management, and those that simply want to achieve a debt free life. Today we are making our commitment to do just that.” – Josh Foreman, Founder and CEO, InDebted.
The company is currently operating in five markets (AU, NZ, CA, US, UK) and will be announcing its entry into a bunch of new markets throughout the rest of the year.