Heavily backed digital debt collection firm InDebted, which was most recently valued at just over $200 million, has bought out smaller family-owned fintech rival Reminda, in a deal that signals an end of a recent cost-cutting drive.

The start-up has raised more than $70 million since 2017 from investors including Westpac’s Reinventure, Carthona Capital, MassMutual Ventures, and Perennial. However, when it last raised capital in 2022, it combined the $22.5 million cash injection with a redundancy round of 40 staff, as the tech sector tightened its belt.