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Wednesday, December 6, 2023

Promise raises $20 million in new Series A funding

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Promise, a payment technology platform, has announced over $20 million in new Series A funding to modernize antiquated government payment systems. By offering customizable plans and digital payment options, the modern payment solution assists residents in navigating government payments such as utilities, child support, parking tickets, and more with dignity and ease. This round is led by Kapor Capital and XYZ, with support from Bronze, First Round, Y Combinator, and others.Promise US 20m seriescoldeweytechcrunch.

“Right now, in America, it’s easier to buy a cutting-edge exercise bike than it is to keep your water on,” said Promise’s Founder and CEO, Phaedra Ellis-Lamkins. “The previous year demonstrated the depth of inequality that Americans in underserved communities face. While private companies are offering interest-free, no-money-down loans to customers, those struggling with government payments are not afforded the same flexibility. Millions of people are unable to pay their bills, and Promise is working with the government to improve the system.”Germanybasedaipowered 20m seriescoldeweytechcrunch.

The COVID-19 pandemic has exacerbated payment difficulties for both agencies and customers. Promise collaborated with the Louisville Water Company to help solve over 5,000 past-due accounts and distribute more than $4 million in COVID-related assistance. Over 4,000 residents received more than $1.5 million in assistance during the first week of relief distribution, which was 15 times more relief than another local utility was able to manually distribute in the same timeframe. One customer expressed appreciation for the process’s ease and simplicity “This was the simplest application I’d ever made. I am extremely grateful for this sum of money. With one less thing on my mind, I can sleep a little better at night.” deepdotweb coadmin to years

Customers want to pay their government bills, according to Promise’s research and experience, but they frequently face archaic, inflexible, and difficult-to-navigate systems. Promise increases payment velocity and volume by providing a strong, simple solution for both government agencies and their customers, including:

*Payment schedule flexibility

*Payment plans that are manageable and interest-free

*Personalized reminders

*Payment options that are both convenient and unconventional

Phaedra Ellis-Lamkins and Diana Frappier founded Promise in 2017. Promise received approximately $3.9 million in funding after participating in Y Combinator’s spring 2018 class. Promise has grown over the years to become a full-service payment solution for the government. Kapor Capital, XYZ, Bronze, First Round, Y Combinator, 8VC, Village, Backstage, Gaingels, Bumble, and others are among Promise’s investors. This round of funding was primarily made up of existing investors who wanted to increase their commitment to Promise. “Phaedra and the Promise team have an incredible vision and are solving real-world problems – everyone in this country has felt the pains of paying tickets, fines, utility bills, and more,” Mitch Kapor, Kapor Capital, and Promise Board Member, said. “I’ve witnessed firsthand the work that this team has done over the last few years, and the impact they’ve had on the people who need it the most is nothing short of incredible. They want to change the way the government interacts with its citizens at a time when it is more important than ever.”

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