Australia fintech player InDebted raises $9m Series A

Reinventure, the VC unit of Australia's Westpac Banking Corporation also participated. It comes a month after MassMutual established its second VC fund for Southeast Asia with a corpus of $100 million and a broader mandate encompassing Australasia. 

"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,” Ryan Collins, a managing director at MassMutual Ventures Southeast Asia, said in a statement.

InDebted claims to be the “highest-rated collection agency in the world” with a model that uses artificial intelligence to understand consumer preferences around servicing overdue accounts. It aims to disrupt the traditional debt collection industry, which is seen as failing customers through annoying phone calls and the use of third-party agencies that do not serve customer interests. 

Australia-based Carthona was founded in 2014 and invests from the seed to Series A stages. The firm initially invested on a deal-by-deal basis and transitioned to a fund-based approach with its debut vehicle in 2017. Recent investment in the local fintech space includes participation in a $12.5 million round for Valiant Finance, a lending platform for small and medium-sized businesses. 

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• Topics
• Australasia
• Early-stage
• Financials
• Australia
• MassMutual Ventures
• Reinventure Group
• Financial Services