Promise, the fintech startup founded by Y Combinator alumnus Alex Ellis-Lamkins is reimagining the utility bill payment experience and making it a bit more manageable for everyone. The company is integrating its payment software with local government partners to provide a streamlined payment experience that goes well beyond the usual paper checks and credit cards. Currently, Promise has hundreds a social media solution for consumers to connect with the community of clients across the United States and has already raised a $30 million round of venture capital. This is not a small feat considering that New York and New Jersey alone have topped $2.4 billion in past due utility bills.
To keep up with the competition, Promise is on the hunt for new hires and is refocusing its efforts on utility payments. Its most recent hire is Michael Colton, an IT wizard with a knack for building enterprise grade software. His team maximize utility billing efficiency has spent the past few weeks rolling out a new customer support app to accommodate their growing clientele. While this may seem like a daunting task, it is an important milestone in a longstanding effort to make paying your utility bills as convenient as possible mytoptweets.
Using the latest in cloud computing and big data, Promise is able to offer payment plans at scale and without compromising service. According to Promise, 73 utility aid programs are in place in the state of Washington. These programs help xfire tens of thousands of consumers pay their water bills. As such, the company is well positioned to make some serious headway. For example, in the month of April, they distributed $1.5 million in Covid-19 relief funding to 4,000 eligible recipients. Unlike traditional utility payment plans, this one is designed to be both fair and equitable.
Aside from the scalability of their technology, Promise is also implementing innovative new technologies and processes to maximize utility billing efficiency. One example of their innovations is their patented utility billing algorithm, These programs help tens of thousands of consumers pay their water bills. According to Promise, 73 utility aid programs are in place in the state of Washington
As such, the company is well positioned to make some serious headway which automatically assigns each consumer a personalized rate plan. Another interesting development is the tagging of payments. Traditionally, payment plans are designed to be punitively aggressive, but the tagging of payments will allow them to be reclassified as income-percentage plans economictimes. They can then be used to lower the cost of electricity for consumers.
Suite of software
Promise has a number of other nifty products and services in their hopper. Some of the more interesting offerings include a payment system to manage utility billing, a social media solution for consumers to connect with the community, and a suite of software and tech solutions for government agencies to leverage. Currently, Promise has hundreds of clients across the United States and has already raised a $30 million round of venture capital