Personal finance management platform Payoff.com secured $2m in funding on Wednesday from backers including investment holding company the Anthemis Group, venture capital firm FirstMark Capital and seed stage investment firm Great Oak Venture Capital, as well as several unnamed angels.
Payoff is an online platform which helps users to save money by encouraging them to set precise goals, then allowing them to link and track their finances, and incentivising them by offering virtual badges, tools and blog posts. Payoff estimates that it has helped users save $25m since it debuted last year.
The round was the fourth round of small scale funding raised by Payoff in the last two years, making a total of $5.8m. Additional investors include private investment company Innovate Partners and nearly thirty angel investors, among them a co-founder of Goldman Sachs’ private equity business, Jim Lane, the founder of Clickable, David Kidder, and the founder of Guitar Hero, Kai Huang.
Sean Park, Founder of Anthemis Group, said, "Payoff has developed a unique and powerful platform which leverages technology and behavioural psychology to help people manage their personal finances more effectively, in effect leveraging the proven power of game dynamics to improve users’ financial literacy.
"Their approach fits perfectly with our vision of building a new customer-centric, digitally-native group of financial services businesses naturally adapted to the needs of 21st century consumers and so we are very excited to have Payoff join our ecosystem."