Indebted, a fast-growing fintech start-up that has digitised debt collections and been named as Australia’s best place to work, has doubled it valuation in a fresh funding round, while also laying off 40 employees in a bid to ride out the tech wreck.

The company closed a $22.5 million funding round led by existing backer Perennial Value Management, which its founder and chief executive Josh Foreman said valued the company just north of $200 million.