Heavily backed digital debt collection firm InDebted, which was most recently valued at just over $200 million, has bought out smaller family-owned fintech rival Reminda, in a deal that signals an end of a recent cost-cutting drive.
The start-up has raised more than $70 million since 2017 from investors including Westpacs Reinventure, Carthona Capital, MassMutual Ventures, and Perennial. However, when it last raised capital in 2022, it combined the $22.5 million cash injection with a redundancy round of 40 staff, as the tech sector tightened its belt.
Josh Foreman, founder and CEO of Indebted, says the fast-growing fintech is expected to be cash flow positive in March.
InDebted acquired Remi…
Read the full article at: https://www.afr.com/technology/digital-debt-collector-counts-benefits-of-a-cost-of-living-crisis-20230907-p5e2sv