Promise brings financial flexibility to us series by coldewey for techcrunch
promise us seriescoldeweytechcrunch- Promise partners with local governments and utilities to provide simple and secure payment solutions. In this article we will learn about the help it is extending.
Who Is Promisepay?
Promise collaborates with governmental entities and other businesses that collect anything from license fees to utility bills. Promise offers a plug-and-play interest-free installment payment plan for things like an electric bill. Typically, payment systems for these are highly restrictive and don’t adjust for changes in income or spare cash.
Promise assists consumers in paying off debt more quickly and with fewer penalties while lowering delinquencies and increasing revenue. Our logical approach to relief distribution and zero-interest installment programs results in greater enrolment and a 95%+ recovery rate on scheduled payments.
For those who are unable to pay their entire water or power bill at once, Promise works with utilities and governmental organizations to offer flexible payment options. The business saw tremendous growth throughout 2021 and recently secured a $25 million B round to maintain expansion.
Industries They Serve
Promise collaborates with several local authorities and utilities to offer alternatives for easy, safe, and affordable payments.
PromisePay for Utilities
By offering their customers flexible payment alternatives for their water, wastewater, stormwater, and electric bills, we assist utilities to increase revenue collection and decrease shutoffs.
PromisePay for Criminal Justice
Consumers paying probation and parole fees, court costs, and traffic fines. It offers a simple online experience. This service is available to agencies and departments within the criminal justice system.
PromisePay for Transportation
By providing our customers with convenient and flexible payment choices, we assist cities in increasing payments on unpaid parking tickets and toll debt.
Promise brings financial flexibility to us series
- With the help of PromisePay, a flexible payment platform, it is now simpler to pay off public debt.
- These include water and traffic fines and avoid negative consequences like service interruption or even jail time.
- The business also assists government organizations with revenue collection and payment plan generation.
- Although Promise’s more flexible choices have produced repayment rates of 90% (the industry average is 20% to 50%),
- standard installment plans are typically rigid and have poor participation rates.
- Major metro utility providers across the nation are supported by Promise utility services, helping them to generate millions of dollars in past-due debt.
- More and more of our clients are having trouble paying their water bills as a result of the pandemic.
- We need a simple solution to enroll our clients in payment plans more than before.
- PromisePay offers a simple solution that increases consumer enrollment and generates income for our utility.
- On this year’s list of the World’s 50 Most Innovative Companies, Promise is ranked No. 39.
About Phaedra Ellis-Lamkins
Phaedra is a businesswoman and social justice activist from the United States. Phaedra was in charge of operations and sales at Honor before co-founding Promise. Prior to Honor, Phaedra collaborated with Prince, a singer, and oversaw the mission to claim ownership of his masters. She works as a labor and community organizer and is dedicated to bringing about observable change.
What Is Series B
The second round of investment funding for a company, including venture capitalists and private equity investors, is known as series B financing. Series A, Series B, and Series C finance are terms used to refer to successive rounds of financing for businesses. The Series B round often occurs once the company has passed specific business development milestones and has moved past the initial startup phase.
Features- promise us seriescoldeweytechcrunch
- The second round of funding for a firm that has achieved specific objectives and moved past the initial startup stage is known as series B financing.
- When purchasing shares of the company, Series B investors often pay more per share than do Series A investors.
- Due to the anti-dilution property of preferred stock, Series B investors often favour convertible preferred stock over common stock.
- Private equity investors, venture capitalists, crowdfunded equity, and credit investments are all potential sources of Series B funding.
Who Is Coldewey-
Located in Seattle, Devin Coldewey is a writer and photographer. In 2007, he started contributing to TechCrunch. In addition, he has contributed to DPReview, The Economist/Look GE’s Ahead, MSNBC.com, NBC News, and other publications.
Devin has previously written for MSNBC.com, NBC News, DPReview, and other publications. He has also made appearances on radio, television, and in print. Devin presently writes for TechCrunch, where he covers a variety of issues in technology, science, and space.
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The most recent articles by Devin are available here or on his TechCrunch author profile.-
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