Prism Bill Pay App Raises $2 Million
Mobile bill pay app Prism has now raised $2 million to expand its services and add new features.
This three-year-old startup alerts users when a payment is due, and checks to see if your bank account has adequate funds to cover the payment. Payments can be made directly from the free mobile app, giving consumers a convenient money management tool.
According to GeekWire, some of the investors now backing Prism include Rudy Gadre, Qpass founder Chase Franklin, Marchex co-founder John Keister, and CEO of Boku Mark Britto. The $2 million has been raised through multiple rounds of fundraising.
The Prism app is easy to use. Once a user downloads the free app to his phone, he will be prompted to start adding bills to pay. These bill services are based on the person’s location, such as the local cable companies or the local utilities provider. Nationwide companies like Verizon and DirecTV are also on the list. After a user selects the bills he wants to pay, he can complete the transactions through his phone.
Tyler Griffin and Steve Gordon, the founders of Prism, went to college together but did not join forces to start Prism until 2011. This is after Gordon worked at Microsoft and Griffing worked at JPMorgan.
“We started this company because we found bill payments to be a huge pain in the butt—and now that’s all we deal with. It didn’t work out for us, but it works for our customers,” said Griffin.
The app is targeted to Millennials who struggle to manage up to 15 separate bills a month.