Overview

Promise provides software solutions designed to enhance the interaction between governments and citizens. Their products focus on modernizing the distribution of aid and relief, making it easier for residents to access benefits like energy bill rebates and clean energy upgrades. The software simplifies the administration of these programs and uses data-driven methods to identify vulnerable community members, ensuring they receive the support they need while minimizing fraud and waste. One of their key offerings is the PromisePay Platform, which helps low-income households manage public services debt affordably. Promise stands out from competitors by prioritizing dignity in service delivery and maintaining high security and compliance standards, including SOC 1, SOC 2, and PCI-DSS. The company's goal is to create a more efficient and respectful relationship between governments and the communities they serve.

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

$48.1M

Meets

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