SACRAMENTO, Calif., Dec. 13, 2016 /PRNewswire/ -- SupportPay by Ittavi the first-ever platform to automate child support payments and enable parents to share related expenses, today announced a Series A investment of $4.1 million, bringing its total raised to over $7 million since 2014. The most recent funding round was led by Fenway Summer Ventures with participation from Moneta Ventures, Continental AdvisorsLLC, and previous investors. With this investment, Javier Saade, Managing Director at Fenway Summer Ventures and Paul Purcell, co-Founder and Partner at Continental Advisors LLC have joined SupportPay's Board of Directors.
SupportPay will use the money to expand its team as well as ramp up marketing efforts to further its reach to parents, family law professionals, and government agencies across the country. SupportPay recently recruited Jyoti Das as Chief Technology and Operations Officer who will play a key role in these efforts. Das, a former Intel executive, was instrumental in building the early child support systems for several states.
"SupportPay is tackling a market where a quarter of a trillion dollars is exchanged annually in the United States alone," said Javier Saade, Managing Director of Fenway Summer. "We are excited to lead the transaction and give SupportPay the capital it needs to tackle modern family finance and provide 21st century tech-enabled solutions for millions of families looking for a better way to manage child support."
SupportPay, a CFSI Financial Lab Solutions winner, is an automated child support payment platform that helps parents share expenses and exchange child support. SupportPay manages the base payments as well as track the additional shared expenses – such as medical, child care, education, or extracurricular activities – streamlining the complex, time-consuming, stressful process that impacts nearly 300 million parents worldwide. The platform, which touts nearly 40,000 parents and growing, is completely secure, private, and provides transparency on where money is being spent for the children by storing and sharing receipts.
Parents can pay one another through the app, keep detailed records, set payment reminders, dispute/approve charges, and print court-certified documents. With SupportPay by Ittavi, parents spend less time managing child support and more time focused on raising happy, healthy children. The app has proven to increase the likelihood of payment between parents over 90% by modernizing the child support process.
In addition to addressing the direct impact of child support on parents, the investment will enable SupportPay to assist states and Indian tribes who are modernizing legacy child support systems which in many instances are out of date and expensive to maintain. In the United States alone nearly $6 billion is spent every year to build, manage and maintain child support systems.
"I am excited to continue my mission of providing a modern solution for child support that uniquely positions us to take a family-first perspective - integrating all family members into the process to maximize the likelihood children will get the financial support they need." said Sheri Atwood, Founder & CEO, SupportPay by Ittavi.
To learn more about SupportPay and the resources available to parents and legal professionals visit supportpay.com
To learn about current job openings visit: supportpay.com/careers/
About SupportPay by Ittavi:
Based in Sacramento, CA, Ittavi ("it takes a village") is on a mission to end family financial conflicts. SupportPay®, Ittavi's inaugural product, is the first-ever automated child support payment platform, poised to transform the complex, time-consuming & stressful process that impacts nearly 300 million parents exchanging more than $900 billion in child support & child expenses worldwide. Submit child expenses, store receipts, and make payments quickly and securely, with automatic reminders, approve/dispute capabilities, and a complete archive of all transactions. Parents can access family law resources as well as a child support calculator and other management tools. With SupportPay, today's modern families can spend less time managing and arguing about child support, and more time focused on raising happy, healthy children. Available online, mobile apps for iOS and Android, and tablets. Find out more about how you can streamline your child support payments at: supportpay.com.
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SOURCE SupportPay by Ittavi