BillFloat, Inc., a San Francisco, CA-based provider of consumer credit-for-bill payment solutions, has closed a US$4.5m Series A financing.
The round was led by First Round Capital, with participation from original seed investors Venrock and PayPal and new venture partners Baseline Ventures, SoftTech VC, SV Angel and Mark Goines.
BillFloat will use the funding to expand operations and enhance its consumer offering.
Founded in 2009 by a team of experienced financial services entrepreneurs, the company has created a micro-credit solution that offers consumers the option to extend the time to pay their recurring bill through an interface for a fee, and then repay BillFloat at an agreed date.
Recurring bills include utility, cable and satellite, wireless, auto lease, phone, housing, and insurance payments. The service will be available on billers’ websites, and through financial services partners including pre-paid and debit card issuers, payroll services and walk-in payment centers, in addition to BillFloat’s www.billfloat.com.