Venture Capital News: Payoff.com Clears $2M
LOS ANGELES, CA, Payoff.com secured a $2 million financing round led by Anthemis Group, Firstmark Capital, Great Oaks Venture Capital and several individual investors from Wall Street.
Payoff.com secured a $2 million financing round led by Anthemis Group, Firstmark Capital, Great Oaks Venture Capital and several individual investors from Wall Street. Since inception, Payoff has raised a total of $5.8 million.
Payoff has been well received since its 2011 debut as an engaging alternative to help individuals gain control of their financial lives in a supportive online community. Using a unique blend of cutting edge research from personal finance, games and behavioral science, Payoff has developed a novel platform that has helped achieve savings and debt reduction in excess of $25 million for Americans in all 50 states.
Sean Park, Founder of Anthemis Group, said, "Payoff has developed a unique and powerful platform which leverages technology and behavioral 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."
Scott Saunders, CEO and Founder of Payoff.com, said, "Payoff enhances people's intrinsic motivation to achieve financial goals through rewards and by illustrating the connection between short-term financial behaviors and long-term goals. We want to help more people sleep better with funded savings and lighter debt loads. This capital infusion will help us do just that as we expand our service offering and reach more Americans."
Payoff (www.payoff.com) helps people around the country take control of their financial destiny as they achieve goals and fulfill lifelong dreams. Payoff allows users to share their dreams, set financial goals - like paying off a credit card or saving up for a trip - and track their financial pictures without any complex pie-charts, spreadsheets or data entry. It offers practical tools to help users quickly achieve their goals, and even rewards their progress along the way with badges and cash prizes. Payoff was founded in 2009 in Los Angeles, California.
About Anthemis Group
Anthemis Group (www.anthemis.com) is a strategically focused holding company guided by its vision of building the leading "digitally native" diversified financial services group of the 21st century. Their approach is predicated on investing in great entrepreneurs and companies who leverage technology to build innovative, disruptive business models and supporting them with their deep financial services domain expertise and networks.
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