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PromisePay
Payments platform for government & utilities debt
- 101-200 employees
- Fintech
- B2C
- B2B
- Payments
- Lending
- Mobile
- Social Impact
- Old Oakland, Oakland, CA
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Company mission
PromisePay's mission is to bring flexibility to government and utility payments.
9% employee growth in 12 months
Glassdoor (5)
Our take
The past few years have been rough on household finances, but especially so for those without a financial buffer. Billing for government services like utilities and commercial licences are punishingly inflexible. One late payment can spiral into an inability to work, shelter, or feed your family. PromisePay is offering a much-needed solution: a plug-and-play service that arranges interest-free payment plans for those unable to settle bills for government debt.
It’s both a kinder and more realistic approach to missed payments: people on the whole don’t skip because they don’t want to pay, but simply because they can’t. Offering a manageable means of doing so has allowed PromisePay to reduce delinquencies and improve recovery rates to over 95%, along with reducing the size of penalty fees for debtors. This letter point has tempted on board a rapidly swelling roster of paying government customers eager to improve their loan returns.
Steph
Company Specialist at Welcome to the Jungle
Funding (last 2 of 5 rounds)
Apr 2017
$20m
GROWTH EQUITY VC
Jun 2016
$10m
SERIES A
Total funding: $32.3m
This company has top investors
Leadership
Diana Frappier
(Co-founder)A practising attorney at the Law Office of Diana T Frappier for over 25 years, who was previously also COO at Green For All.
Phaedra Ellis-Lamkins
(Co-founder)Previously an executive officer at the South Bay AFL-CIO Labor Council, alongside work as executive director at Working Partnerships. Subsequently served as CEO of Green For All, and spent time as head of care at Honor.