Promise, a US-based payment technology provider backed by dating app developer Bumble, has raised more than $20m in a series A round co-led by venture capital firms Kapor Capital and XYZ Venture Capital.
The round also featured Bronze, First Round Capital, Y Combinator and undisclosed others, and the company said it has now raised $30m altogether.
Co-founded by Phaedra Ellis-Lamkins and Diana Frappier in 2017, Promise has developed an online platform that helps users navigate government payments like utilities, child support and parking tickets.
After participating in accelerator Y Combinator’s spring 2018 class, the company launched with $3.9m later the same year, $3m of which came from First Round, Y Combinator, talent management and entertainment services agency Roc Nation, 8VC, Adelfos and Kapor Capital. Its earlier investors include Village Capital, Backstage Capital and Gaingels.
Ellis-Lamkins, CEO of Promise, said: “The last year really showcased the depth of inequality Americans in underserved communities face. While we are seeing private companies create interest-free, no-money-down solutions for customers, people struggling with government payments are not offered the same flexibility.”
