The Spindown newsletter: September
Welcome to the Spindown newsletter!
Your monthly digest for collections insights.
In this edition:
?? InDebted raises $60M in Series C funding round
?? How a collections partner can help subscription businesses turn churn into revenue gains
?? 5 steps to build AI into your collections strategy
?? InDebted raises $60M in Series C funding round
We’re thrilled to announce that we’ve secured $60 million in our Series C funding round!
Our valuation now exceeds $350+ million, making us the second-largest player in the Australian debt collection market.
With backing from incredible investors like Airtree, Australian Retirement Trust, Premier Capital Partners, Reinventure Group, Perennial Partners and SecondQuarter Ventures we're ready to take the next leap forward in rewriting the narrative on debt collection.
?? Next stops: UAE and Mexico. And watch this space as we continue to grow into Europe and South America!
Read ?? Our Founder & CEO Josh’s story with the The Australian Financial Review: https://lnkd.in/dMhhnWsY
?? Why 86% of customers prefer to self-serve in debt collection
When was the last time you called your bank to transfer money?
Have you ever contacted customer service to check your account balance?
The bottom line is: when money can be managed online or through an app, why shouldn’t paying back debt be the same?
Here are 3 reasons why we're huge advocates of self-service in debt collection:
?? It's the preferred choice of customers
In fact, 86% of InDebted customers are resolving their debt independently, using our online portal. Enough said.
?? It increases your capacity to scale
When account volumes surge, it's crucial that you have the capacity to support the increase – without having to hire more agents. Helping customers to self-serve will accomplish that.
?? It gives you deeper insights into your customers?
One of the most underrated benefits of all: getting more data on how customers engage with their debt. This will give you a rich understanding of behaviours like: which customers are more likely to self-serve, what channels they prefer, what times they're likely to engage, and more.
Want to know more about helping your customers to self-serve their account? Hit the link below.
?? 5 steps to build AI into your collections strategy
Everyone's talking about AI. But not enough people are talking about how to do it – especially in a highly regulated industry like debt collection.
So we asked industry experts Duhita Khadepau , Jo Mikleus , Mike Zhou and Josh Foreman to weigh in.
From the gold mine of wisdom they dropped, here are just a few insights they shared:
?? Understand the regulatory perspective.
Regulators aren’t a barrier to innovation. The question is: how will AI and other innovations address their key priorities?
Before you start with AI and machine learning, ask:
?? Evaluate your data maturity level
Data issues are the largest barrier to using AI for financial services organisations. Getting a 360° view of the data you have available is key to understanding the possibilities for your business.
?? Assess the ROI?
You can't improve what you don't measure. Set up KPIs that are aligned to your specific innovation, such as customer satisfaction rates, channel engagement and more.
Don't miss the full list of insights in our blog post ??
More stories we think you'll like:
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Great insights in this edition of #TheSpindown ! It's inspiring to see Indebted focus on improving customer experience in debt collections through clear, empathetic communication. Congratulations on securing your Series C funding—looking forward to seeing how these strategies evolve and grow.