Overview

Promise offers software solutions that improve how governments interact with citizens, focusing on aid distribution and rebate systems. Their technology uses a data-driven approach to identify vulnerable individuals and streamline income verification, which helps reduce fraud and waste. The PromisePay Platform assists low-income households with public services debt, providing affordable payment options. Promise distinguishes itself through its commitment to dignity, efficiency, and strict security compliance.

Simplify's Take

What believers are saying

• Increased adoption of digital payment solutions boosts demand for PromisePay.
• AI-driven outreach methods enhance customer engagement in the public sector.
• Focus on data privacy aligns with Promise's security compliance, increasing client trust.

What critics are saying

• Competition from fintech companies could erode Promise's market share.
• Changes in government policies may impact demand for Promise's services.
• Economic downturns could reduce funding for programs Promise supports.

What makes Promise unique

• Promise partners with utilities and government agencies for flexible payment options.
• The company uses advanced technology for quick and reliable income verification services.
• Promise's solutions are SOC 1, SOC 2, and PCI-DSS compliant, ensuring high security.

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Funding

Total Funding

$46.8M

Below

Industry Average

Funded Over

3 Rounds

Notable Investors:

First Round CapitalY Combinator

Notable Investors:

First Round CapitalY Combinator

$25,000,000

Series B

Feb 2022

Series B funding is typically for startups that have proven their business model and need more funding to expand rapidly—often by entering new markets or adding more products. Investors are usually venture capital firms that specialize in later-stage investments.

Series B Funding Comparison

Below Average

Industry standards

Ind Avg. $35M

$4M

$25M

$30M

$45M

$65M

$100M

View all funding stages