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Digital debt collection agency InDebted launches in the UK

Digital debt collection agency InDebted launches in the UK

Digital debt collection agency InDebted has launched in the UK as consumers face growing financial pressures due to the cost-of-living crisis.

InDebted’s UK launch follows a successful period operating in Beta after being granted FCA authorisation in August 2021.

InDebted uses digital channels such as SMS and email to connect with consumers, offering a number of options for managing debt through a self=service portal.

InDebted also has a global 24/7 support team available to assist customers across all channels.

In contrast to established industry players, the company rewards its customer support team based on the quality of service they provide, rather than incentivising collections agents based on recovery amounts.

The launch comes amid a spiralling cost-of-living crisis in the UK, with energy spikes and rising food prices forcing more people into debt.

Josh Foreman, CEO and Founder of InDebted, comments: “At a time when the cost of living crisis will see an increase in debts, consumers in need of support are being failed by the broken debt collection model. This is leading to unnecessary stress, and poorer outcomes."

Research of the UK market conducted on behalf of InDebted by Opinium among 2000 consumers found that half have experienced harassment or aggression as a result of tactics frequently used in traditional debt collection.

"Ultimately, we believe that those in debt deserve better from debt collectors, and InDebted is leading the way for change and progression within the industry. From our experience operating in countries such as Australia, the United States and Canada, we know what a difference we can make to consumers, and we are excited to launch in the UK to support people’s debt-free journey and financial wellbeing.”

The move into the UK market reflects InDebted’s global growth ambitions, with the business increasing its headcount by 360% in 2021. This is underpinned by the onboarding of 93 new clients in 2021 across global markets, supporting over 1 million customers, and the completion of an AUD$25 million Series B funding round in July 2021.

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