Latest Round Accelerates Company’s Mission to Modernize the $4.61 Trillion Household Bill Pay Industry
doxo, the innovative, all-in-one bill payment platform, today announced that it has raised $18.5M in a Series C round led by San Francisco-based Jackson Square Ventures, with continued participation from other existing investors. The investment will help further the expansion of the company’s all-in-one bill pay platform that empowers consumers to improve their financial health. The raise will also be used to hire additional talent, to expand doxo’s bill pay provider directory, and to further accelerate the company’s doxoDIRECT platform that helps billers receive direct electronic payments, fast and free.
“We see doxo not just as a best-in-class bill pay solution for both consumers and billers, but as an integral part of the overall ecosystem that will modernize the $4.61 trillion bill pay industry,” said Greg Gretsch, Co-founder and Managing Director, Jackson Square Ventures. “We’re excited to partner with Steve and the team at doxo as they continue to transform an antiquated experience for the millions of people who deserve a solution that frees them from unnecessary burden and helps accomplish their financial goals.”
Each year U.S. households spend over $4.61 trillion on recurring bill payments. Since its inception, doxo has been on a mission to simplify and reduce the anxiety of staying on top of these bills, empowering consumers to improve their financial health. In recent years, the company has experienced rapid growth, expanding both its customer base and the number of billers on the doxo network. To date, over seven million users across 97% of U.S. zip codes have paid bills through doxo, across more than 45 categories of household bills. With more than 120,000 payable billers, doxo’s proprietary, crowd sourced provider directory is not only the largest of its kind, but it is uniquely representative of how all consumers pay their bills, no matter where they live.
“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. By meeting these needs, doxo’s growth has accelerated significantly this past year,” said Steve Shivers, co-founder and CEO of doxo. “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.”
With this new round of funding, doxo has aggressive hiring plans to further accelerate growth. Beginning with the expansion of doxo’s executive team, the company plans to double its headcount in the coming year. Named by both BuiltIn and Comparably as a best place to work, doxo is consistently acknowledged as a top employer in the Seattle region and beyond. More information about the company, and its open positions can be found here.
doxo provides simple, secure all-in-one bill payment to any biller, with any payment method, on any device. A doxoPLUS subscription adds free bank payments and five essential financial protections that boost household financial health. Through these services, doxo currently serves over seven (7) million users who can make payments to over 120,000 local and national businesses, making doxo the largest bill pay directory in the nation. Billers on the network get paid directly, fast and free – and consumers have complete bill pay independence over when and how they pay their bills. doxo investors include Jackson Square Ventures, MDV, Sigma Partners, and Bezos Expeditions. doxo is based in Seattle, WA. For more information visit www.doxo.com.
About Jackson Square Ventures
Jackson Square Ventures invests in early stage software businesses that will be leaders in markets that matter in 10 years.