Phaedra Ellis-Lamkins, founder of fintech startup PromisePay, wants it to be as easy to pay down government debt as it is to get financing for a Peloton.
A lot of innovation has been created and applied to helping people buy things, she explained, but rarely have those technological leaps been directed at supporting people struggling financially to pay down debt owed to the government for issues like back taxes, child support, utilities or parking tickets.
The Oakland-based startup announced a $20 million in Series A funding Wednesday led by Kapor Capital and XYZ to bring the promise of financial technology into a new arena. Ellis-Lamkins said the capital will go toward hiring 20 engineers as soon as possible to keep up with demand. PromisePay currently employs a team of 16.