The only financial platform focusing on reducing the stress and conflict between families managing money across households was selected as a winner in the Panasonic Well $1M Family Wellness Innovation Challenge and selected to join the AgeTech Collaborative by AARP.
CHARLOTTE, N.C., Feb. 6, 2025 /PRNewswire-PRWeb/ -- SupportPay, the pioneering family financial management platform designed to eliminate the stress and conflict of managing finances across households, has been named a winner of Panasonic Well's prestigious $1 Million Family Wellness Innovation Challenge. In tandem, SupportPay was selected to join the AgeTech Collaborative by AARP, marking a transformative milestone for the company as it expands its global impact on financial wellness for parents, caregivers, eldercare and modern family dynamics.
Panasonic Well, the venture and business incubator within Panasonic Group, and the AgeTech Collaborative by AARP partnered to accelerate groundbreaking solutions that enhance family, financial, and wellness outcomes. SupportPay's mission to simplify financial caregiving, reduce family conflict, and foster harmonious relationships aligns seamlessly with these goals, earning the company recognition as a leader in family-focused financial technology.
Transforming Family Wellness Through Financial Harmony
SupportPay is focused on addressing the top causes of stress, money and family by revolutionizing family financial management by ending the stress, conflict, and hassle of splitting, tracking and sharing expenses, schedules, photos, communications and responsibilities across households, perfectly aligning with the vision and values Panasonic Well and the AgeTech Collaborative by AARP seeks to advance. By automating and simplifying these processes, family members spend less time fighting over money and more time focusing on what matters most: Caring for each other.
The global start-up competition, conducted in collaboration with AARP's AgeTech Collaborative, selected five winners from over 550 applications across seven countries. The winning companies demonstrated that they are building the next breakthrough in family, health, financial and wellness solutions. In addition to the cash prize, winners participated at CES, including being part of the opening keynote and Panasonic's booth, as well as joining The Partner Collective, a bold vision to create the first comprehensive wellness ecosystem for modern families.
"SupportPay helps families mitigate the crucial and stressful process of managing modern finances. Even as the FinTech space continues to expand, SupportPay stands out as an innovator, addressing a huge and complex issue that families are facing and suffering in silence," stated Christie Pitts, Head of Corporate & Business Development for Panasonic Well. "They've made it possible for every family around the globe to easily automate everyday financial tasks, allowing anyone from a parent to caregiver to devote more focus to loved one's well-being. We're excited to have them as a winner in the Family Wellness Innovation Competition."
SupportPay was notified of their selection in the same week that they were selected to join the AARP AgeTech Collaborative, joining an unparalleled innovation ecosystem bringing together cutting-edge thinkers in the longevity tech space to champion meaningful advances to make aging easier for everyone. AARP's decades of exclusive longevity insights, the breakthrough collaborative ecosystem and community of innovators positions the AgeTech Collaborative to lead the future of AgeTech. For SupportPay, this milestone is yet another validator of the organization's critical mission to end family fights over money, reducing conflict and allowing financial caregivers to focus on daily care.
"Being named a winner by Panasonic Well and joining the AARP AgeTech Collaborative are a testament to the critical role SupportPay plays in revolutionizing family financial management. Our platform is the only solution designed to seamlessly manage money and responsibilities across households, reducing stress, increasing transparency, and ultimately strengthening financial well-being for modern families," said Founder and CEO Sheri Atwood. "This recognition amplifies our mission to empower consumers and provide a game-changing financial wellbeing employee to the workforce. We are honored to be acknowledged for our innovation and look forward to expanding our impact globally."
Expanding to Serve Modern Families
Initially designed for single, divorced and co-parents, SupportPay has evolved to meet the needs of all modern family types, including parents, caregivers, elder care, and those in the sandwich generation. Whether through its consumer offerings or as a financial wellness workplace benefit, SupportPay delivers a comprehensive platform that is easy to use while enabling families to split, track and share all aspects of their finances, schedules, tasks and communications, bringing the transparency, communication, and certified history that so many caregivers and parents need.
A Proven Solution With Tangible Results
SupportPay's impact is already profound, managing over $800 million in expenses and payments across 70 countries and improving the lives of more than 500,000 users. Families report:
- 92% Reduction in family conflicts over money
- 83% Time Savings on weekly financial management
- 90% Improvement in timely payments
- 94% Enhanced Family Relationships
Employers offering SupportPay as an employee benefit also see significant results, including a 34% boost in productivity, a 30% reduction in absenteeism, and notable decreases in healthcare claims. With an average 25% utilization rate in the first year, SupportPay's deployment is quick & seamless, requiring no additional IT or HR resources.
About SupportPay
SupportPay is pioneering Modern Family Financial Management, offering the first and only platform that transforms how families collaborate, communicate, and manage money—creating financial clarity and improving financial well-being while reducing stress and fostering stronger relationships. A new category, Modern Family Financial Management is designed to support today's evolving family structures by providing a transparent, structured, and conflict-free way to manage financial obligations across households efficiently. SupportPay is available directly to consumers and as an innovative financial well-being employee benefit that can be accessed via its web, iOS and Android applications. For more information visit supportpay.com.
Media Contact
Ethan Schug, SupportPay, 1 609-279-0050 114, [email protected], supportpay.com
SOURCE SupportPay
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