All-in-one bill payment platform doxo has raised $18.5 million in a Series C round, a press release said Wednesday (March 16).
This will help the company expand its platform, which lets customers improve their financial health by streamlining recurring bill payments. The funding will allow for hiring more talent, expand its bill pay provider directory and further accelerate the company’s doxoDIRECT platform, which helps billers gets direct electronic payments.
The round was led by Jackson Square Ventures. Other existing investors also pitched in, the release said.
The press release noted that U.S. households spend more than $4.61 trillion per year on recurring bill payments. Doxo’s goal has been to reduce the “anxiety of staying on top of these bills.”
“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,” said Steve Shivers, co-founder and CEO of doxo. “By meeting these needs, doxo’s growth has accelerated significantly this past year.”
PYMNTS has written about other attempts to help people improve their financial health, such as U.S. Bank’s announcement that it would be working with Payactiv, a financial wellness platform, to give clients better earned wage access.
Read more: U.S. Bank Partners With Payactiv on Payroll Options
Employees of companies making use of the prepaid U.S. Bank Focus card for payroll will be able to get some of their wages early under the plan. That will come in the form of a direct deposit to the card.
The card comes with other payment options such as an instant deposit into an employee’s checking account. It will also provide savings and bill management tools, the report noted.
