promise us seriescoldeweytechcrunch – A year ago promise raised $15 million to expand operations, and it has expanded. The company’s revenue and customers (that is, utilities, not billpayers) grew 32x and 45x, respectively, during the year. And he said he’s already booked multiples of those multiples in the early weeks of 2021 alone.
A promise’ direct interface with an individual, such as a utility, gives them information about things like government subsidies or stimulus checks. For many people, getting some officially allocated money or exemptions means filling out paper forms, providing tax records and traveling in person to some place – outside the pandemic. Not easy at all. Government agencies know which people are eligible, but don’t actively notify them – so promise does on their behalf.
With $20M A Round, Promise Brings Financial Flexibility
The previous year has been one of financial hardship for billions of people, and in particular hardship has been an early year for paying utilities, taxes and other government fees – systems that are rarely set up for easy or flexible payments. Promise aims to change this by integrating with government payment systems and offering more forgiving terms for fees and loans that people can’t manage together, and has raised $20 million to do so.
When every penny goes towards rent and food, it can be difficult to scrape together cash to pay for irregular bills like water or electricity. They’re less likely to shut down on short notice than a mobile plan, so it’s safer to shut down along the way… unless some bills pile up and suddenly a family is owed hundreds of dollars. Let the burden of bills come. And there’s no way to split them up or pay them over time. Plus tickets and other fees and fines.
Phaedra Ellis Lemkins, CEO and co-founder of Promise, points out that this (among other places) is where existing systems fail. Unlike buying a TV or a piece of furniture, where a one-click payment plan may be offer during online checkout. Municipal ticket payment sites or utilities often do not have such an option.
Promise Flexible Payment Platform For Government Debts
Paying the bills is never easy, but the hardships of the past two years have made it even harder. Promise works with services and government agencies to provide payment flexibility for people who can’t afford to pay their water or electricity bills all at once. The company has seen a lot of growth through 2021, and just raised a $25 million B round to keep the momentum going.
Promise works with government agencies and related administrations to collect anything from utility bills to license fees. They generally have very strict payment processes, and do not cause fluctuations in income or free cash; Promise offers a plug-and-play interest-free installment plan for something like an electricity bill.
Devin Coldewey – TechCrunch
Devin Coldeway is a writer and photographer based in Seattle. He first wrote for TechCrunch in 2007. He has also written for NBC news, MSNBC.com, DPReview, The Economist/GE’s Look Ahead, and others. Coldeway currently writes for TechCrunch, covering a wide range of topics in technology, science, and space. He has written for MSNBC.com, NBC News, DPReview, and others. He has also appeared in radio, television and print.
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As it becomes clear that the more local governments are signing up and paying membership fees that provide the promise of revenue. No fee is charge from the customers. The $25 million funding will cover the services needed to handle all those new customers. And although Ellis-Lamkins declined to go into detail, expanded the company to handle payments for the Fed. It’s a big fish to land, and we can only hope the promise continues to grow.