InDebted, an Australia-founded fintech firm, has entered the New Zealand market through the acquisition of Debtworks. The Auckland-based company becomes part of InDebted’s strategy to scale its trans-Tasman presence.
InDebted names first NZ-based country head
The recently completed acquisition is InDebted’s first in New Zealand. Debtworks managing director Leyden Tolhurst has taken on the role of managing director at InDebted New Zealand, making him the firm’s first country lead based in New Zealand.
Debtworks acquisition accelerates NZ market expansion
InDebted was founded in 2016 by CEO Josh Foreman and has since grown into a global third-party collections firm. The company entered New Zealand in 2019 and operates across multiple international markets.
Debtworks is “roughly 10 times the size of InDebted’s existing New Zealand business,” said Tolhurst, who described the deal as a “fast-track route to scale.”
“There would be no disruption to clients or staff, with all client relationships transferring to InDebted,” he added. The 44 staff from Debtworks will join InDebted and the brand will be rebranded and integrated into InDebted’s global systems.
InDebted plans tech integration following NZ acquisition
The tech firm is expected to bring its proprietary technology to the New Zealand operation in the near term, with Tolhurst stating that the integration will “improve collection rates and deliver a better experience for any Kiwis who’ve fallen behind on their payments.”
Though financial terms of the deal remain undisclosed, Tolhurst confirmed that “Debtworks was a highly profitable and growing business. The process was competitive, and the valuation reflected its strength and importance.”
This acquisition follows InDebted’s recent purchase of US-based AmSher. Tolhurst said the two deals together amounted to an “eight-figure sum,” supported by a recent A$60 million capital raise, bringing the company’s valuation to over A$350 million.
Debtworks deal positions InDebted as leading NZ provider
The purchase of Debtworks is the company’s fifth acquisition globally. CEO Josh Foreman pointed to Debtworks’ strong client base and industry depth as key advantages.
“With a client portfolio including all three major telecommunications providers in New Zealand, Debtworks bring deep market expertise across multiple sectors including government,” Foreman said.
He added that mergers and acquisitions “remained central to scaling the company’s model and delivering meaningful change to more consumers faster.” The acquisition positions InDebted among New Zealand’s “largest and most advanced collection service providers.”