doxo raises USD 18.5 mln to augment the bill pay experience

Thursday 17 March 2022 10:47 CET | News

US-based bill pay service doxo has announced it raised USD 18.5 million in Series C led by Jackson Square Ventures to expand the company’s platform.

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.

According to the press release, each year US households spend over USD 4.61 trillion on recurring bill payments. Since its inception, doxo has been on a mission to simplify these payments, facilitating 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 US zip codes have paid bills through doxo, across more than 45 categories of household bills.

Company officials stated that people are shifting to more customer-centred, 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 increased in 2021. The company is happy to have Jackson Square Ventures as it’s partner while continuing to scale to meet demand and expand the benefits it delivers to consumers and billers alike.

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Keywords: funding, expansion, financial inclusion, payment methods, growth markets
Categories: Payments & Commerce
Countries: United States
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Payments & Commerce

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