About PromisePay
PromisePay is a company based in Oakland (United States) founded in 2017 by Phaedra Ellis-Lamkins.. PromisePay has raised $51 million across 4 funding rounds from investors including Rocnation, First Round Capital and Kapor Capital. PromisePay offers products and services including PromiseRelief, PromisePay, and PromiseVerified. PromisePay operates in a competitive market with competitors including Aventiv Technologies, Judicial Innovations, PayGOV, FivePoint Solutions and Government Window, among others.
- Headquarter Oakland, United States
- Founders Phaedra Ellis-Lamkins
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Sectors
Government & Social SectorFinancial Services
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Email
***********
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Phone
*********
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Website
*********
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Social
*********
- Legal Name Promise Network Inc.
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$51 M (USD)
in 4 rounds
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Latest Funding Round
$25 M (USD), Series B
Feb 24, 2022
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Investors
Rocnation
& 9 more
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Employee Count
Employee Count
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Products & Services of PromisePay
PromisePay offers a comprehensive portfolio of products and services, including PromiseRelief, PromisePay, and PromiseVerified. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Automates programs for efficient relief distribution and eligibility processing.
Enables flexible, interest-free plans to recover revenue and reduce debts.
Streamlines accurate income checks for faster support delivery.
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Funding Insights of PromisePay
PromisePay has successfully raised a total of $51M across 4 strategic funding rounds. The most recent funding activity was a Series B round of $25 million completed in February 2022. 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 Total Funding
- Total Rounds 4
- Last Round Series B — $25.0M
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First Round
First Round
(19 Feb 2018)
- Investors Count 10
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Feb, 2022 | Amount | Series B - PromisePay | Valuation | General Partnership | |
| Feb, 2021 | Amount | Series A - PromisePay | Valuation | Kapor Capital , XYZ Venture Capital | |
| Mar, 2018 | Amount | Series A - PromisePay | Valuation | First Round Capital |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in PromisePay
PromisePay has secured backing from 10 investors, including venture fund, angel, and institutional investors. Prominent investors backing the company include Rocnation, First Round Capital and Kapor Capital. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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US focused seed and early-stage VC firm
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Founded Year | Domain | Location | |
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Seed stage venture capital firm investing in US
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Founded Year | Domain | Location | |
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Investments are directed by Bronze Venture Fund into multiple sectors.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by PromisePay
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - PromisePay
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Promisepay Comparisons
Competitors of PromisePay
PromisePay operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Aventiv Technologies, Judicial Innovations, PayGOV, FivePoint Solutions and Government Window, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Online money management and payments platform for individuals and businesses
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| domain | founded_year | HQ Location |
Web-based payment solutions for government courts and agencies are provided.
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| domain | founded_year | HQ Location |
Facilitates online and mobile payments for taxes, utilities, and government fees.
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| domain | founded_year | HQ Location |
Case and records management solutions are provided for government agencies.
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| domain | founded_year | HQ Location |
Online payment portals for municipal agencies are provided.
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| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Promisepay
Frequently Asked Questions about PromisePay
When was PromisePay founded?
PromisePay was founded in 2017 and raised its 1st funding round 1 year after it was founded.
Where is PromisePay located?
PromisePay is headquartered in Oakland, United States. It is registered at Oakland, California, United States.
Is PromisePay a funded company?
PromisePay is a funded company, having raised a total of $51M across 4 funding rounds to date. The company's 1st funding round was a Series A of $3M, raised on Feb 19, 2018.
What does PromisePay do?
PromisePay was founded in 2017 and is based in Oakland, United States. Solutions for payment processing and collections are offered to government organizations, such as utility providers, tax institutions, law enforcement departments, and parking authorities. Online payments are facilitated through credit and debit cards, bank transfers, and additional methods within the fintech sector focused on public sector needs.
Who are the top competitors of PromisePay?
PromisePay's top competitors include Aventiv Technologies, Judicial Innovations and FivePoint Solutions.
What products or services does PromisePay offer?
PromisePay offers PromiseRelief, PromisePay, and PromiseVerified.
Who are PromisePay's investors?
PromisePay has 10 investors. Key investors include Rocnation, First Round Capital, Kapor Capital, Bronze Venture Fund, and XYZ Venture Capital.
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