Promise, a U.S.-based payments technology platform, recently announced it secured $20 million through its Series A funding round, bringing its total fundraising amount to over $30 million. The investment round was notably led by Kapor Capital and XYZ, with additional funding coming from Bronze, First Round, and Y Combinator.
Founded in2017, PromisePay states it provides a modern payment platform built for the government by transforming the “inconvenient and time-consuming” process of paying down government debt into something that any resident can use.
“PromisePay is easy to use on mobile devices, offering all payment methods, in the languages residents speak, and broken down into easier payment plans. We have a team working 24/7 to talk to residents and help them make their payments. This means residents pay off debt faster, government gets more revenue, and government works better for everyone. Promise is a financial services technology company. We build payment processing tools and services for government.”
Speaking about the company’s progress, Phaedra Ellis-Lamkins, Founder, and CEO of Promise, shared:
“The last year really showcased the depth of inequality Americans in underserved communities face. While we’re seeing private companies create interest-free, no-money-down solutions for customers, people struggling with government payments are not offered the same flexibility. Millions of people can’t pay their bills and Promise is partnering with the public sector to improve the system.”
Promise offers increased payment velocity and volume through a robust, easy solution for both government agencies and their customers, including:
- Adjustable payment dates
- Manageable and interest-free payment plans
- Custom reminders
- Convenient and non-traditional payment options
The company is planning to use the funds to continue the work and development of the Promise platform.