Technology

Cost Know-how Platform “Promise” Completes Its Sequence A, Bringing Complete Increase To Over $30 Million

OAKLAND, Calif., Feb. 18, 2021 /PRNewswire/ — Cost know-how platform, Promise, has introduced over $20 Million in new Sequence A funding to carry antiquated authorities fee techniques into the twenty first century. The trendy fee resolution helps residents navigate authorities funds like utilities, little one help, parking tickets, and extra with dignity and ease by making customizable plans and digital fee choices accessible. This spherical is led by Kapor Capital and XYZ, with extra funding coming from Bronze, First Spherical, Y Combinator, and extra.

“Proper now, in America, it’s simpler to purchase a state-of-the-art train bike than to maintain your water on,” stated Phaedra Ellis-Lamkins, Founder, and CEO of Promise. “The final 12 months actually showcased the depth of inequality People in underserved communities face. Whereas we’re seeing personal firms create interest-free, no-money-down options for patrons, folks fighting authorities funds usually are not provided the identical flexibility. Hundreds of thousands of individuals cannot pay their payments and Promise is partnering with the general public sector to enhance the system.” 

The COVID-19 pandemic has elevated payment-related hardships for each businesses and clients. Promise partnered with the Louisville Water Firm to assist create options for over 5,000 overdue accounts and distribute over $4 million in COVID-related help. Within the first week of reduction distribution, over 4,000 residents obtained greater than $1.5 million in help, 15 instances extra reduction than one other native utility was capable of manually distribute in the identical timeframe. Prospects appreciated the benefit and ease of the method, one shared, “This was the best factor I ever utilized for. I’m so grateful for this reduction quantity. I can sleep a little bit higher at evening with [one] much less factor on my thoughts.” 

“In the course of the pandemic, now we have seen increasingly more of our clients struggling to pay their water payments. Now greater than ever we want a simple technique to get our clients into fee plans. Promise gives a seamless resolution that will get extra of our clients enrolled and brings income into our utility,” stated Tony Parrott, Government Director of Louisville and Jefferson County Metropolitan Sewer District. 

Promise’s analysis and expertise present that clients wish to pay their authorities payments – however they usually face archaic, rigid and tough to navigate techniques. Promise gives elevated fee velocity and quantity by means of a strong, simple resolution for each authorities businesses and their clients, together with:

  • Adjustable fee dates
  • Manageable and interest-free fee plans
  • Customized reminders 
  • Handy and non-traditional fee choices 

Promise was based in 2017 by Phaedra Ellis-Lamkins and Diana Frappier. After taking part in Y Combinator’s spring 2018 class, Promise launched with roughly $3.9 Million of funding. During the last a number of years, Promise has expanded its providing to turn into a full fee resolution for presidency. Promise’s traders embrace Kapor Capital, XYZ, Bronze, First Spherical, Y Combinator, 8VC, Village, Backstage, Gaingels, Bumble, and extra. This spherical of funding consisted primarily of present traders who wished to deepen their dedication to Promise. 

“Phaedra and the Promise group have an unbelievable imaginative and prescient and are fixing real-world issues – everybody on this nation has skilled the pains of paying tickets, fines, utility payments, and extra,” stated Mitch Kapor, Kapor Capital, and Promise Board Member. “I’ve seen firsthand the work that this group has performed in the previous couple of years and the affect they’ve had on the individuals who want it essentially the most is nothing wanting wonderful. They’re out to alter the way in which the federal government interacts with constituents at a time the place it issues greater than ever.”

Ross Fubini, Managing Accomplice at XYZ Enterprise Capital added “Now greater than ever, when a lot of the inhabitants is experiencing deep financial nervousness, purposeful and centered tech-enabled fee choices are wanted for the citizen who misplaced their job in COVID-19, the younger skilled who cannot catch a break, or new mother and father on this unprecedented time simply making an attempt to make ends meet. Promise delivers these on to governments and their constituents.”

Study extra about Promise: https://residence.promise-pay.com 

SOURCE Promise

Associated Hyperlinks

https://residence.promise-pay.com/

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