About SmartPay
SmartPay is a company based in Southington (United States) founded in 2010. It operates as a SaaS (Software-as-a-Service), Pay-per-Use / Usage-Based, and InsurTech. SmartPay has raised $1.4 million across 1 funding round from investors including Connecticut Innovations, Tennant Capital and Stonehenge Capital. The company has 33 employees as of December 31, 2022. SmartPay offers products and services including PayGo Solution. SmartPay operates in a competitive market with competitors including Exactuals, InsurePay, SCIO Health Analytics, ePayPolicy and VPay, among others.
- Headquarter Southington, United States
- Employees 33 as on 31 Dec, 2022
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Sectors
Financial Services
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Phone
*********
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Website
*********
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Social
*********
- Legal Name Smartpay Solutions, Llc
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$1.4 M (USD)
in 1 rounds
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Latest Funding Round
$1.4 M (USD), Series A
Jun 02, 2014
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Investors
Connecticut Innovations
& 2 more
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Employee Count
33
as on Dec 31, 2022
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Products & Services of SmartPay
SmartPay offers a comprehensive portfolio of products and services, including PayGo Solution. 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.
Pay-as-you-go insurance payments are facilitated for workers' compensation.
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Funding Insights of SmartPay
SmartPay has successfully raised a total of $1.4M through 1 strategic funding round. The most recent funding activity was a Series A round of $1.4 million completed in June 2014. 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 1
- Last Round Series A — $1.4M
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First Round
First Round
(02 Jun 2014)
- Investors Count 3
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jun, 2014 | Amount | Series A - SmartPay | Valuation |
investors |
| 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 SmartPay
SmartPay has secured backing from 3 investors, including venture fund investors. Prominent investors backing the company include Connecticut Innovations, Tennant Capital and Stonehenge 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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Venture capital services for biotech, IT, and innovative sectors in Connecticut.
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Founded Year | Domain | Location | |
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Founded Year | Domain | Location | |
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US private equity investments are managed by Stonehenge Capital.
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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 SmartPay
| 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 - SmartPay
| 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 |
Smartpay Comparisons
Competitors of SmartPay
SmartPay 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 Exactuals, InsurePay, SCIO Health Analytics, ePayPolicy and VPay, 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 |
Cloud-based payroll management is delivered to enterprises in creative sectors.
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| domain | founded_year | HQ Location |
Cloud-based payroll integration is provided for insurance premium collection.
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| domain | founded_year | HQ Location |
Provides payment integrity solutions for healthcare organizations
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| domain | founded_year | HQ Location |
Insurance payments are collected online via ACH and credit cards.
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| domain | founded_year | HQ Location |
Payment solutions provider for insurers
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| 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 Smartpay
Frequently Asked Questions about SmartPay
When was SmartPay founded?
SmartPay was founded in 2010 and raised its 1st funding round 4 years after it was founded.
Where is SmartPay located?
SmartPay is headquartered in Southington, United States. It is registered at Southington, Connecticut, United States.
Is SmartPay a funded company?
SmartPay is a funded company, having raised a total of $1.4M across 1 funding round to date. The company's 1st funding round was a Series A of $1.4M, raised on Jun 02, 2014.
How many employees does SmartPay have?
As of Dec 31, 2022, the latest employee count at SmartPay is 33.
What does SmartPay do?
SmartPay is established as a prominent provider of pay-as-you-go solutions for various lines of insurance, particularly workers compensation. Services are offered through a SaaS-based platform that integrates with existing processes of insurance providers, agents, payroll providers, and policyholders. The company is focused on delivering flexible payment options based on actual payroll data, reducing audit surprises, and improving cash flow for clients. Operations are supported by best-in-class technology and in-house customer care, ensuring seamless service across the insurance sector. Partnerships are maintained with over 75 providers, 3,000 agents, and 350 payroll providers, catering to more than 30,000 policyholders.
Who are the top competitors of SmartPay?
SmartPay's top competitors include Exactuals, ePayPolicy and SCIO Health Analytics.
What products or services does SmartPay offer?
SmartPay offers PayGo Solution.
Who are SmartPay's investors?
SmartPay has 3 investors. Key investors include Connecticut Innovations, Tennant Capital, and Stonehenge Capital.