New purpose-built employee benefit targets the single and divorced parents and caregivers who make up 73% of the total workforce
CHARLOTTE, N.C., Dec. 14, 2023 /PRNewswire-PRWeb/ -- SupportPay, the leading platform for divorced, single, step, co-parents, and caregivers to easily manage and exchange child support, shared expenses, payments, communications, custody and schedules today announced an oversubscribed seed round of $3.1M. Led by HearstLabs, the round also included funding from Michigan Capital Network, Victorium Capital, Render Capital, Connetic Ventures and Stage Next Ventures. Purpose-built with employers and employees in mind, SupportPay started as the first consumer product to help manage the time-consuming, conflict-ridden and stressful process of managing child support and sharing expenses and custody between single, divorced, step, pet and co-parents.
Earlier this year, SupportPay expanded its offering by offering a unique, affordable and secure solution that delivers a personalized employee benefit for this target market. The result has delivered demonstrated and dramatic time savings for employees while directly improving their mental and financial well-being, ultimately returning a measurable ROI for SupportPay enterprise customers. With major employers already on board, including Hearst and several Fortune 500 companies, SupportPay will use its latest seed round to deliver additional payment options for families, expedite enterprise adoption and expand its offering to support any family member, such as siblings caring for their parent(s), who are involved in the time-consuming, stressful and conflict-ridden process of sharing, managing and tracking expenses, payments and schedules. By providing a solution that can be used every day that streamlines communications, family members are 90% more likely to exchange payments while having a certified record that can be used for court and tax purposes.
"Generalized HR benefits are quickly becoming a thing of the past as companies increasingly recognize the need to provide employees with a range of tools to better manage both their personal and professional lives. Single and divorced parents, in particular, are a massive segment of the workforce, yet they're largely ignored when compared to other employee groups who receive targeted benefits," said Sheri Atwood, Founder and CEO of SupportPay. "This audience is typically among the hardest working and most loyal yet often feel unsupported by their employer. Benefits like SupportPay enable these employees to do their best work, delivering major benefits back to the employers that support them."
With more than 75,000 consumer users, SupportPay is already proving its success in the HR market with its recent implementation as a benefit for several Fortune 500 companies as well as global media giant Hearst. After surveying its workforce, Hearst estimated the average single parent spent over 8 hours a week working through custody, childcare and expense-related issues with the other parent. By automating and streamlining the entire process, SupportPay estimates that Hearst is saving over $7.1 million annually. The company has already seen a 7.3% company-wide utilization rate within the first year, far exceeding initial expectations.
"SupportPay continues to break new ground in fintech, recognizing the need for a wide range of audiences to reduce the stress and management of shared expenses for everything from children to pets to any family member," said Abid Ali, Principal at Michigan Capital Network. "With its recent expansion into the workplace, SupportPay is addressing a key pain point for families everywhere who simply can't turn financial management on and off when the workday begins. We're excited to be a part of the SupportPay family as they continue to deliver a strong solution that spans both the consumer and B2B sectors."
To learn more about how SupportPay can have an immediate impact at your workplace, please visit: https://supportpay.com/
About SupportPay
Founded by a divorced working mom to simplify her life, SupportPay has emerged as the leading platform for divorced, single, step, co-parents, and caregivers to easily manage and exchange shared expenses, child support, custody and communications. In addition to saving time and money for more than 75,000 consumers worldwide, SupportPay is the first app of its kind to also be offered as an employee benefit in the workplace for global brands like Hearst and others. Through a simple and secure web and mobile interface, users can view, pay, and document every bill and shared expense, as well as communicate and manage custody and schedules while delivering a certified record for compliance, court, and tax purposes. For more information visit https://supportpay.com/.
Media Contact
Ethan Schug, SupportPay, 1 609-279-0050 118, [email protected], https://supportpay.com/
SOURCE SupportPay
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