SupportPay by Ittavi, the first-ever platform to automate child support payments and enable parents to share related expenses, announced it has closed an additional $1.5M, bringing its total raised to $2.6M. SupportPay will use the money to continue to support its significant growth, expand its channels and enhance the platform's features.
"SupportPay is following an incredible trajectory of growth, and we expect that to only continue as market demand grows," said Mark Ghermezian, Managing Partner of T5 Capital. "Divorce and child support issues are relevant for nearly half of the world's families – and growing. SupportPay offers an essential tool for them to ease the financial conflict at hand. We are excited to be participating in this round of funding and partnering with SupportPay to provide a solution that impacts so many families."
SupportPay allows a parent to manage the monthly child support payment, as well as easily submit additional expenses and attache receipts. The other parent can quickly review the item, see immediately that the expense is for their child, and make or schedule a payment directly through the platform. SupportPay does all of the calculations, tracking and reminders for parents, so they don't have to worry or fight about it. The platform stores the complete child support information, and provides a certified record for court or tax purposes. As a result, paying parents can easily see the money is going to their children, while receiving parents clearly demonstrate exactly what it costs to raise them. In fact, SupportPay is so effective in the child support process that parents are 90 percent more likely to pay or receive child support than without the system, according to Atwood.
"Before SupportPay, my ex-husband had no idea how expensive it was to raise our children – so it was a constant source of tension to share expenses. Now, he can see exactly how much and where the money is being spent, and has no problem paying me his portion," said Melissa Knecht, a SupportPay customer and divorced mom to four children.
SupportPay is available now for free as a web, Android and iOS application. Learn more at supportpay.com. SupportPay is offering the current version of its platform for free, for life, to any new or existing customers who register and use the product before June 30th, 2015. After the promotion period, SupportPay will be available in both free and premium subscription models.