The paying of utilities, levies, and other government fees—systems for which simple or variable payment is rarely established—is among the most basic issues that billions of people have faced over the past year. Promise, which has collected $20 million for this purpose, wants to change this by connecting with established payment systems and providing more lenient terms on charges and debts that people are unable to pay in full at once. promise 20m seriescoldeweytechcrunch.
It might be challenging to come up with the cash to pay an unpredictable expense like water or electricity when every dollar is going toward rent and food. Compared to a mobile plan, they are less likely to be switched off in the short term. germanybased aipowered 20m seriescoldeweytechcrunch. Kicking the can down the street is therefore safer. Up until a family finds themselves with several overdue bills adding up to hundreds of dollars and making no attempt to divide them up or reimburse them over time The identical holds for tickets, other charges, and penalties.
Phaedra Ellis-Lamkins, the CEO, and co-founder of Promise highlighted that present systems are failing in this area among other things. For municipal ticket payment offices or businesses, there is frequently no alternative for payment plans, unlike when purchasing a TV or item of furniture digitally, where payment plans can be provided with only one click during the checkout process.
Given the severe financial strain the epidemic has placed on almost all homes, these statistics are probably worse than average. However, just like payment plans in other situations, households with various finances and kinds discover their reasons to employ such programs. And just about everyone who has had to cope with a boring energy payment page would welcome a change.
The business has now raised over $ 30 million in total, of which $ 10 million was obtained right away upon its release from Y Combinator in 2018. Previous investors include Kapor Capital, XYZ, Bronze, First Round, YC, Village, and others who provide the funding.