- Billpay platform doxo has raised $18.5 million in Series C funding.
- The round was led by Jackson Square Ventures and featured participation from existing investors.
- Headquartered in Seattle, Washington, doxo will use the capital to grow its platform and expand its team.
In a round led by Jackson Square Ventures, billpay platform doxo has secured $18.5 million in Series C funding. The capital will help the Seattle, Washington-based company further expand its platform, grow its workforce, build out its billpay provider directory, and accelerate its doxoDIRECT platform to enable billers to receive swift and cost-free direct electronic payments.
Valuation information was not immediately available. The Series C investment takes the company’s total funds raised to $37.3 million according to Crunchbase.
“People are shifting to more customer-centered, secure payment methods and billers are looking for ways to improve their payment experience and boost customer engagement,” doxo co-founder and CEO Steve Shivers said. “By meeting these needs, doxo’s growth has accelerated significantly this past year. We’re very pleased to have Jackson Square Ventures as our partner as we continue to scale to meet demand and expand the benefits we deliver to consumers and billers alike.”
doxo’s flagship solutions, doxo and doxoPLUS, enable consumers to send payments to more than 120,000 partnering billers from a single account. Consumers can use a variety of payment methods including credit and debit cards, Apple Pay, as well as their bank account, and payment information is not shared with billers. The technology enables users to set bill reminders, get real-time status updates, and monitor all of their payment history from a single location.
Available as both a free service and as a premium version for $4.99 a month that adds doxo’s Five Protections package (identity protection, overdraft protection, late fee protection, credit protection, and Private Pay protection), doxo’s technology helps consumers save money as well as improve their financial health.
doxo also offers doxoDIRECT for businesses that do not have billpay on their websites, compelling their customers to use other channels – such as mail, bank payments, and cash payments. doxoDIRECT for businesses enables companies to enhance customer engagement and payment convenience by closing this “gap” with a service that enables fast, free direct deposit payments. The company also publishes doxoINSIGHTS, an analysis of U.S. billpay statistics and bill payer behavior.
“We see doxo not just as a best-in-class billpay solution for both consumers and billers, but as an integral part of the overall ecosystem that will modernize the $4.61 trillion billpay industry,” Jackson Square Ventures co-founder and Managing Director Greg Gretsch said.
A Finovate alum since 2011, doxo most recently demonstrated its latest innovations at FinovateSpring 2019. At the conference, doxo showed how its doxoPay with overdraft protection – powered by fellow Finovate alum Plaid – enables users to track their bank account balance as they pay their bills. This helps consumers to better manage their cash flow and avoid overdrafts. Since then, the company has forged partnerships with energy delivery company National Grid, and payments technology company InComm Payments, and earned spots on Deloitte’s Technology Fast 500, and Inc. Magazine’s 5000 Fastest Growing Private Companies rosters.
Photo by Tima Miroshnichenko from Pexels
And for many consumers, cash is still king. There are 34 million unbanked or underbanked households across the U.S. and more than $235 billion in bill payments are made with cash each year. Steve Shivers, CEO and co-founder of doxo said, “For billers, providing an easy way for their customers to pay with cash is not only a valuable service, but helps keep accounts current. Our partnership with Coinstar provides this opportunity with very little effort on the part of billers.”