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Fintech Indebtedness Lays Off 40 Employees Amid $22.5 Million Increase

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Debt Collection Fintech Indebted has raised $22.5 million in a round that has doubled the company’s valuation to $200 million.

But the round, which again led to Perennial Value Management, which came on board 12 months ago to lead a $25 million Series B in July, comes as the company is also laying off 17% of its staff, with it loss of 40 jobs.

Existing investors Carthona Capital and Singapore-based VC MassMutual Ventures also contributed to the latest round, bringing the total across four funding rounds to $72.5 million.

Indebted founder and CEO Josh Foreman cut jobs at the end of the fiscal year, with the layoffs primarily focused on sales and marketing positions. Founded in 2016, the company had a team of more than 270 people in 11 countries.

The cuts have been made to delay raising additional capital in difficult times, despite the company having the potential to take advantage of an economic downturn that will increase the potential for demand for the service.

The digital consumer debt collection fintech operates in five markets: Australia, New Zealand, Canada, the US and the UK, where it was officially launched and ramped up UK operations in May this year.

InDebted specializes in digital debt collection and builds a global debt collection API. The fintech uses data insights it collects from the people whose money it wants to collect to create a positive customer experience when collecting outstanding debts for its customers.

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