Promise

About

PromisePay provides a modern payment processing platform built for utilities and government agencies.

Oakland,California,United States
https://www.promise-pay.com/

Highlights

Details

Last Funding Type: Series B
Last Funding Money Raised: $25M
Industries: Debt Collections,Financial Services,FinTech,Government,Mobile Payments
Founded date: Jan 1, 2017
Operating Status: Active
Legal Name: Promise Network Inc.
Also Known As: Promise Pay

Promise simplifies government debt and helps people pay their bills. We partner with utilities and government agencies to offer a variety of convenient and flexible payment options, including zero-interest installment plans and relief distribution. We use sophisticated outreach methods that make it easy for customers to sign up and manage their plans. Ultimately, our technology maximizes government revenue while helping customers pay off debt sooner and with fewer penalties.

Promise is a team of technology experts from companies like Palantir, Stripe, Uber and Google and leaders from the public sector. We are backed by a diverse group of venture capital firms like Kapor Capital, Y Combinator, First Round and RocNation.

Funding Rounds

Number of Funding Rounds

Total Funding Amount

4

$48.12M

Promise has raised a total of $48.12M in funding over 2 rounds. Their latest funding was raised on Feb 24, 2022 from a Series B round.

Announced Date	Round	Money Raised	Number of Investors	Lead Investors	Post Valuation
Feb 24, 2022	Series B	$25M	8	The General Partnership	—	Detail
Feb 18, 2021	Series A	$20M	8	Kapor Capital XYZ Venture Capital	—	Detail
Mar 19, 2018	Seed	$3M	5	First Round Capital	—	Detail
Jan 4, 2018	Pre-seed	$120K	1	Y Combinator	—	Detail

Investments

Number of Investments

Number of Lead Investments

2

0

Promise has made 2 investments. Their most recent investment was on Oct 20, 2021, when Animoca Brands raised $65M.

Date Company Name	Round	Money Raised	Industry	Lead Investor
Oct 20, 2021 Animoca Brands	Series Unknown	$65M	Apps	—
Oct 15, 2021 Ardana	Funding Round	$6.56M	Blockchain	—

Investors

Number of Lead Investors

Number of Investors

5

13

Promise is funded by 13 investors. The General Partnership and Bronze Investments are the most recent investors.

Investor Name	Lead Investor	Funding Round
The General Partnership	Yes	Series B
Bronze Investments	—	Series B
First Round Capital	—	Series B
Flucas Ventures	—	Series B
Howard Schultz	—	Series B
Kapor Capital	—	Series B
XYZ Venture Capital	—	Series B
Y Combinator	—	Series B
Bossanova Investimentos	—	Series A
Springbank Collective	—	Series A