A year after raising $60 million in a Series C round, Sydney-based fintech InDebted has expanded its operations into the United Arab Emirates by striking a partnership with Meedaf, an Abu Dhabi-headquartered financial services platform that serves financial institutions across the Gulf states.
InDebted, which was founded in 2016 by Josh Foreman, has grown to become a leader in AI-powered collections infrastructure.
The company launched operations in the UAE in March with buy-now-pay-later partner Tabby and is currently providing services to consumer lenders and high-growth fintechs.
The strategic partnership, which will see Meedaf invest in InDebted’s UAE entity, is expected to fast-track expansion into banking, financial services, government and telecommunications. The company also hopes to strengthen its regional operations by establishing a UAE hub.
“Debt often crosses borders and creates complexities that many providers are unable to address,” says Foreman, the CEO of Indebted.
“InDebted’s global reach uniquely positions us to meet these challenges and deliver meaningful solutions to organisations throughout the GCC (Gulf Cooperation Council).
“This partnership with Meedaf is particularly significant, as the UAE represents a distinctly dynamic market.
“By combining our AI-powered solutions with Meedaf’s market expertise, we will set a new benchmark for debt resolution that prioritises dignity, choice and positive outcomes for consumers and businesses alike.”
InDebted employs artificial intelligence and machine learning to “personalise every collections journey” and, with the support of a dedicated customer experience team, the company says it “makes the experience of debt resolution more human”.
"Meedaf is committed to building partnerships that transform the financial services landscape in the UAE and the wider GCC,” says Abdulla Abdul Aziz AlShamsi, managing director and CEO of Meedaf.
“Our collaboration with InDebted brings together deep local knowledge with cutting-edge global expertise in debt resolution.
“Together, we will provide financial institutions and their customers with solutions that are not only more efficient, but also empathetic and empowering, helping individuals regain control of their financial wellbeing while fostering sustainable growth across the sector."
The latest agreement is the second strategic partnership struck by the Meedaf platform, following the launch of its joint venture with global secure logistics group Brink’s earlier this year to deliver efficient cash and valuables management services to financial institutions in the UAE.
Over the past nine years, InDebted has grown to operate across seven regions globally and is actively pursuing ambitious expansion into Latin America and Europe, as well as the GCC.
Last year’s Series C capital raise valued InDebted at $350 million, making the company the second-largest player in the Australian debt collection market. The capital round was led by Airtree and supported by earlier investors Reinventure, Carthona and Perennial.
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