Payitoff, a NYC-based company building infrastructure to automate and optimize every aspect of debt management — starting with student loans, raised $8.5M in seed funding.
The round was led by Lightspeed Venture Partners, with participation from Sound Ventures, Struck Capital and Social Leverage, as well as a number of angel investors.
The company intends to use the funds to demand from financial services providers as they prepare for the resumption of student loan payments on February 1, 2022, and hire for roles in engineering, sales, customer success and operations.
Founded by Bobby Matson in 2017, Payitoff is building infrastructure to automate and optimize every aspect of debt management, starting with student loans. The company partners with fintechs, workplace providers and financial institutions to provide them with technology solutions that produce financial outcomes for borrowers.
With Payitoff’s smart repayment pipes, financial services providers can abstract detailed debt data that enables them to improve outcomes for their customers. By aligning incentives across the industry, the company is able to create value for each participant in the chain.