About Otto Pay
Otto Pay is a Financial Services company based in Los Angeles (United States) founded in 2020, and was acquired by J.G. Wentworth in June 2024. Online platform for point of sale financing. Otto Pay has raised $4.5 million across 1 funding round from investors including Canaan, J.G. Wentworth and Kindred Ventures. The company has 2 employees. Its focus areas include FinTech, Alternative Lending, Online Lenders and Consumer Loans. Its legal entity is NEW FOUNDATION LABS, INC. Its competitors include Sunbit, Snap Finance and Uplift; 3 of its 3 listed competitors have raised funding.
Company details
Otto was founded in 2020 in Los Angeles, United States, within the fintech sector. An online platform is operated to enable point-of-sale financing for monthly bills and recurring subscriptions. Flexible repayment options are provided to users, alongside multiple virtual cards, trials with auto-expiring plans, and real-time payment alerts. Operations focus on streamlining subscription-based financing in the U.S. market.
- Headquarters Los Angeles, United States
- Employees 2
- Stage Acquired
- SectorsFinancial Services
- Email••••••••
- Phone•••• ••••
- Website ottopay.com
- Social LinkedIn X Facebook
- Acquired by J.G. Wentworth (Jun 2024)
- Legal Name New Foundation Labs, Inc.
- Total Equity Funding$4.5M (USD)
in 1 rounds
- Latest Funding Round$4.5M (USD), Series A
Nov 2023
- InvestorsCanaan
& 4 more
- Employee Count2
- Acquired byJ.G. Wentworth
(Jun 2024)
Funding Insights of Otto Pay
Otto Pay has successfully raised a total of $4.5M through 1 strategic funding round. The most recent funding activity was a Series A round of $4.5 million completed in November 2023. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $4.5M
- Total Rounds 1
- Last Round Series A — $4.5M
- First Round $4.5M
(Nov 2023)
- Investors Count 4
All 1 funding rounds of Otto Pay with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Nov 2023 | $4.5M | Series A | – | Kindred Ventures, 645 Ventures |
5 investors in total: 5 institutional.
Investors in Otto Pay
Otto Pay has secured backing from 5 investors, including venture fund investors. Prominent investors backing the company include Canaan, J.G. Wentworth and Kindred Ventures.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Seed-stage investments in multiple sectors are made by Kindred Ventures. | kindredventures.com | San Francisco, United States | ||
US focused seed and early-stage VC firm | 645ventures.com | New York, United States | ||
Canaan is recognized as an early-stage venture capital firm. | 1987 | canaan.com | San Francisco, United States | |
A seed stage venture capital fund is operated by Twelve Below. | twelvebelow.co | New York, United States | ||
Structured settlement payments and annuities are purchased from individuals. | 1992 | jgwentworth.com | Radnor, United States |
Investor details for Otto Pay
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
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Timeline of Otto Pay
3 dated milestones of Otto Pay across 4 years, from founding to its latest funding, stage changes and deals.
- Founded Otto Pay is founded.
- Funding First funding round of $4.5M.
- Exit Acquired by J.G. Wentworth.
Competitors of Otto Pay
Otto Pay has 3 listed competitors in our database, 3 of them funded. They include Sunbit, Snap Finance and Uplift.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| sunbit.com | 2016 | Los Angeles, United States | $158.63M | 128 | Point-of-sale financing is facilitated via an online platform for retailers. | |
| snapfinance.com | 2012 | Salt Lake, United States | $30.09M | 621 | Merchandise financing is offered through partner stores. | |
| uplift.com | 2014 | Sunnyvale, United States | $146.2M | 119 | Point-of-sale financing for travel bookings is offered by Uplift. |
Detailed competitors of Otto Pay
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Top companies in Alternative Lending
3 companies that operate in the same segment as Otto Pay (Alternative Lending) in United States, ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Diversified loans are provided via an AI-enabled online marketplace. | 2012 | Palo Alto, California, United States | USD 128.65 M | USD 1.04 B | 1,190 | |
Various consumer loans and financial services are offered online. | 2011 | San Francisco, California, United States | USD 3.04 B | USD 4.77 B | 6,843 | |
Credit score checking and comparison platform for financial products | 2007 | San Francisco, California, United States | USD 869.77 M | 1,487 |
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Frequently Asked Questions about Otto Pay
Otto Pay was founded in 2020 and raised its 1st funding round 3 years after it was founded.
Otto Pay is headquartered in Los Angeles, United States. It is registered at Los Angeles, California, United States.
Otto Pay is a funded company, having raised a total of $4.5M across 1 funding round to date. The company's 1st funding round was a Series A of $4.5M, raised on Nov 2023.
Otto Pay has 2 employees.
Otto was founded in 2020 in Los Angeles, United States, within the fintech sector. An online platform is operated to enable point-of-sale financing for monthly bills and recurring subscriptions. Flexible repayment options are provided to users, alongside multiple virtual cards, trials with auto-expiring plans, and real-time payment alerts. Operations focus on streamlining subscription-based financing in the U.S. market.
Otto Pay's top competitors include Sunbit, Snap Finance and Uplift.
Otto Pay has 5 investors. Key investors include Canaan, J.G. Wentworth, Kindred Ventures, 645 Ventures, and Twelve Below.
Otto Pay operates through New Foundation Labs, Inc..
Yes. Otto Pay was acquired by J.G. Wentworth in June 2024.