VC Deal of the Day-Divorce Fintech SupportPay Raises $4M

Note from the Publisher:  We write a lot about the future of fintech, digital currencies and blockchain, amongst other items within the category at large.  Still, much of fintech is less “sexy” than all that, and we recently heard of one that helps facilite custody payments more smoothly, post-divorce.  Hey, whatever helps.  We’ve written in the past about fintechs that help with estates, too (see “Death, Taxes & Fintech“) , so we think this just makes tons of sense and has practical implications for people going through very real circumsances, post divorce.  Plus, they just got $4M in VC funding. 

“Local Silicon Valley transplant SupportPay is expected to hire more than 20 more employees in East Sacramento after receiving $4 million in venture capital funds.

Founded in 2011, SupportPay’s app is meant to help divorced or separated parents take care of child support payments and related expenses. The company relocated from Santa Clara to The Cannery business park off Alhambra and Stockton boulevards in August.

Sheri Atwood, founder and CEO of SupportPay and its parent company Ittavi (an acronym for “It Takes A Village”), told the Business Journal that $1 million of the venture capital is from Folsom-based Moneta Ventures.

Bethesda, Maryland-based Fenway Summer Ventures and Chicago’s Continental Advisors provided the rest of the funding. Since 2014, SupportPay has raised $7 million in venture capital.”

Source: Bizjournals