HelpPay completes $2.4M pre series A raise ahead of launch
HelpPay's world-first platform promises to change helping and giving with its unique approach and patent-pending technology.
Media Coverage Dated: 30 November 2021.
HelpPay is proud to announce the successful completion of a $2.4 million in pre series A funding round ahead of its public launch in November 2021.
HelpPay's first-of-its-kind platform is launching exclusively in Australia and let's anyone download the free app and securely share bills with family, friends, housemates and charities via its smartphone app, allowing others to chip in to chip away at the bills and help pay them off.
Unlike other crowdfunding platforms such as Go Fund Me, Bonfire and Fundly, money paid towards bills goes straight to the company that issued the bill, and HelpPay's patent-pending software ensures bills can't be overpaid.
The $2.4M will be used to accelerate technology, sales and marketing and further improvements to the app which has undergone several rounds of review by Google and Apple.
To deliver its innovative platform HelpPay has partnered with BPAY, Okta, Stripe, Microsoft, Acoustic and Twilio.
"Debt collection is not our focus. By making helping easier, we are enabling debt prevention"
Andrew Ellett, Co-Founder and Managing Director of HelpPay
Throughout the development and market validation stages HelpPay received overwhelmingly positive feedback from large service organisations, as it enables them to not just manage existing bad debt but innovate recieveables management and go someway to preventing bad debt occuring in the first place, improving cash flow and retaining customers.
With nearly a third of Australian households paying a bill late in the last 12 months, and several large providers writing off more than $150m in debt as a result of customers not paying bills, some companies are embracing HelpPay early, seeing it as a way to help more vulnerable customers in their database.
William Buck's Melbourne office led the successful pre Series A raise, “In Australia alone, over 700 million bills are distributed to households annually with even those earning above $100k failing to pay their bills on time last year,” said Tony Hood, Wiliam Bucks Director of Corporate Advisory.
“At its core, HelpPay has reimagined debt and payments and satisfied the functional, cognitive and emotional needs of both the helper and customer, addressing the previously binary relationship of debt,” he continued.
HelpPay's co-founder and Managing Director Andrew Ellet says "HelpPay enables all of us to remove the barriers to helping, alot of the fiddly mucking about and effort associated with helping and some of the stress people experience asking for, waiting to receive and then processing help received by family and friends”.
“It offers a way for parents to help their children as they move into adulthood, as well as older children to assist their elderly parents, right through to friends helping friends that are going through a rough patch. We also believe HelpPay can help separated families focus on supporting their children, and domestic abuse victims that might be struggling financially after leaving their partner.”
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HelpPay announces launch on Ausbiz
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About HelpPay
HelpPay is a 100% Australian owned fintech focused on making helping easier. HelpPay's app is available to everyone in Australia to download for free and enables them to share and get help with bills. Unlike other platforms payments made towards bills go directly to the company that issued the bill, so help arrives quickly with less effort for everyone. Download the HelpPay app for Apple here and Google here.
