doxo, a platform aiming to modernize the $4.61 trillion household bill pay industry, has raised $18.5 million in Series C funding. The round was led by Jackson Square Ventures, a VC that backs early-stage software businesses. Existing investors also participated in the round. A valuation was not reported.
The new capital is expected to boost the expansion of the company’s all-in-one bill pay platform. doxo said it will hire additional talent, to grow doxo’s bill pay provider directory, and to further accelerate the company’s doxoDIRECT platform that strives to help billers receive direct electronic payments, fast and free.
Steve Shivers, co-founder and CEO of doxo, said that people are moving towards more customer-centered payment methods and billers are looking for ways to improve the experience:
“By meeting these needs, doxo’s growth has accelerated significantly this past year. We’re very pleased to have Jackson Square Ventures as our partner as we continue to scale to meet demand and expand the benefits we deliver to consumers and billers alike.”
Greg Gretsch, Co-founder and Managing Director, Jackson Square Ventures, described doxo as a best in class bill pay solution:
“We’re excited to partner with Steve and the team at doxo as they continue to transform an antiquated experience for the millions of people who deserve a solution that frees them from unnecessary burden and helps accomplish their financial goals.”
doxo reports that in recent years, it has experienced rapid growth, expanding both its customer base and the number of billers on the its network. To date, over seven million users across 97% of U.S. zip codes have paid bills through doxo, across more than 45 categories of household bills. With more than 120,000 payable billers, doxo’s proprietary, crowd-sourced provider directory is said to be the largest of its kind and representative of how all consumers pay their bills.
