Mr Foreman said InDebted would be cash flow positive by March 2024, and that its revenue would surpass $35 million this financial year. In a sign of the impact of cost-of-living troubles globally, he said revenue had doubled since mid 2022.

The product is used by more than 100 organisations globally including buy now, pay later firms Klarna, AfterPay and Zip, as well as utilities like Octopus Energy and retailer Cash Converters.

He said the sharp increase in interest rates, coupled with high…