Child Support Payment App SupportPay® Raises Additional $1.5M, Bringing Total Raised to $2.6M To Date
Additional Funding Will Help SupportPay Address Growing Demand from Single, Divorced and Separated Parents to Better Manage Child Support & Shared Expenses
SANTA CLARA, Calif., April 2, 2015 /PRNewswire/ -- SupportPay® by Ittavi, the first-ever platform to automate child support payments and enable parents to share related expenses, today announced it has closed an additional $1.5M, bringing its total raised to $2.6M. The additional funding came from a combination of current investors and new investors, including T5 Capital Partners and several high net-worth individuals. SupportPay will use the money to continue to support its significant growth, expand its channels and enhance the platform's features.
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"SupportPay is following an incredible trajectory of growth, and we expect that to only continue as market demand grows," said Mark Ghermezian, Managing Partner of T5 Capital. "Divorce and child support issues are relevant for nearly half of the world's families – and growing. SupportPay offers an essential tool for them to ease the financial conflict at hand. We are excited to be participating in this round of funding and partnering with SupportPay to provide a solution that impacts so many families."
After a separation or divorce, parents who live apart may have a child support order or agreement - yet are left to figure out how to manage the process on their own, inevitably leading to conflict and tension. SupportPay helps to standardize the billing and payment process for child support as well as other shared expenses – such as medical, child care, education, and extracurricular activities – that aren't usually addressed by court orders or state-run payment platforms. SupportPay is private, secure, and fully transparent – making the process of managing & paying child support and sharing other child-related expenses simple and less stressful.
"There is a misconception that child support is a one and done payment each month, typically done through wage garnishment. But the monthly base payment doesn't even begin to cover everything a child needs – and that's when the fighting begins," said Sheri Atwood, SupportPay Founder & CEO. "We're extremely grateful to our investors for providing us with even more opportunities to help the hundreds of millions of parents across the globe eliminate the arguments, and focus on what is important – raising happy, healthy children."
SupportPay allows a parent to manage the monthly child support payment, as well as easily submit additional expenses and attache receipts. The other parent can quickly review the item, see immediately that the expense is for their child, and make or schedule a payment directly through the platform. SupportPay does all of the calculations, tracking and reminders for parents, so they don't have to worry or fight about it. The platform stores the complete child support information, and provides a certified record for court or tax purposes. As a result, paying parents can easily see the money is going to their children, while receiving parents clearly demonstrate exactly what it costs to raise them. In fact, SupportPay is so effective in the child support process that parents are 90 percent more likely to pay or receive child support than without the system, according to Atwood.
"Before SupportPay, my ex-husband had no idea how expensive it was to raise our children – so it was a constant source of tension to share expenses. Now, he can see exactly how much and where the money is being spent, and has no problem paying me his portion," said Melissa Knecht, a SupportPay customer and divorced mom to four children.
SupportPay is available now for free as a web, Android and iOS application. Learn more at supportpay.com. SupportPay is offering the current version of its platform for free, for life, to any new or existing customers who register and use the product before June 30th, 2015. After the promotion period, SupportPay will be available in both free and premium subscription models.
About SupportPay by Ittavi:
Based in Santa Clara, 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. 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 in any browser, with accompanying mobile apps for iOS and Android smartphones and tablets. Find out more about how you can streamline your child support payments at: supportpay.com, @supportpayapp or Facebook.com/SupportPay.
PR Contact:
Ashley Willis
Resound Marketing
609-279-0050 x105
[email protected]
SOURCE SupportPay by Ittavi
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