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AI-powered debt collection fintech InDebted has kicked off an external search for a new chief executive after founder Josh Foreman decided to step down from the top job and take a dedicated founder role focused on product, engineering and artificial intelligence strategy.
Foreman, who wrote InDebted's first line of code when he founded the company in 2016, says the shift reflects his conviction that the rapid rise of agentic AI demands technical founders return to hands-on building rather than overseeing day-to-day operations.
The leadership transition comes as InDebted closed out the end of March this year with an annual revenue run rate above $80 million, as revenue surged 52 per cent year-on-year and the company posting record monthly profitability.
InDebted raised $60 million in a September 2024 Series C led by Airtree Ventures that valued the business at $350 million, having achieved operating profitability in February that year.
"At my core, I am a builder," says Foreman.
"InDebted started with me writing the first line of code. Over the last decade I have necessarily stepped away from that work to build the organisation.
"But what is happening in AI right now demands that technical founders go back to their roots - not to retreat from the business, but to refound it; to take everything we know about the domain, the customer and the operations, and rebuild on a fundamentally different foundation."
Under the new structure, Foreman will retain a board seat and lead the company's technical roadmap, while the incoming CEO will take charge of operations, sales, go-to-market execution and international expansion.
InDebted has grown into a global collections infrastructure business that currently operates across seven countries, manages more than $2 billion in accounts and serves 3.6 million customers across six million active accounts.
The company has expanded its product suite significantly in recent months, launching two new offerings - Release and Comply - after operating with a single core product for most of its history.
Release is a new solution for handling late-stage debt portfolios while Comply is a product focused on ensuring compliance within AI-driven collections.
InDebted reported a 110 per cent compound annual growth rate at the time of its Series C raise.
Growth momentum was further supported by the acquisition of German collections decisioning software provider Receeve at the end of 2024 after the Series C raise.
Airtree partner and co-founder Craig Blair has endorsed Foreman's transition, pointing to the company's recent financial performance as validation of its AI-first approach.
"InDebted moved early to an AI-first operating model, and the latest quarter's results prove it's working," says Blair.
"This is the next evolution of that strategy, and having a product-minded founder like Josh with deep context at the helm of these decisions at a pivotal time for the industry is a real advantage."
No timeline has been disclosed for the new CEO appointment.
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