Blip Labs Technologies, Inc. (Blip), a fintech provider unlocking new opportunities through intelligent bill management, today announced a seed funding round of $2.1M with participation from Susa Ventures, Dash Fund, Shrug Capital, Wischoff Ventures, Picks and Shovels, Browder Capital, Rief Ventures and strategic angels from One Finance, Lithic, Intuit, and more. Blip is uniquely positioned to enable the thousands of banks, credit unions, and fintech providers to assist the millions of Americans struggling to pay their bills due to financial hardship and complex payment systems. Blip’s goal is to increase engagement and revenue for its customers and partners while eliminating the billions of dollars spent annually by consumers on negative credit score impacts, late fees, overdraft fees, and identity theft.
Blip offers APIs and SDKs that enable customers to embed personalized, engaging, and powerful bill management experiences into their products to position themselves as the primary financial relationship with their end-users. This is achieved through the successful implementation of Blip’s three E’s.
- Effort – Built to be developer-friendly, Blip ensures partners and customers spend minutes writing code, not weeks. Straightforward implementation is designed to provide development teams with APIs and SDKs that can be added to any financial product.
- Enrollment – Removes end-user onboarding friction through advanced machine learning that analyzes user transaction data to identify and suggest bills. Direct payments with over 26,000 billers ensure end-users can seamlessly pay all their monthly recurring bills.
- Engagement – Increases conversion through highly contextual offers and insights displayed at the point when individuals are thinking about their money. Blip’s Engagement Engine allows customers and partners to deliver additional value to end-users while increasing revenue and retention.
Michael Bank, Co-Founder of Blip, said, “Nearly half the U.S. adult population currently struggles to manage monthly recurring expenses; with Blip, consumers can improve their financial health while increasing enrollment and engagement for fintechs and financial institutions.”
Seth Fenster, Co-Founder of Blip, added, “A ground-up bill management experience is long overdue both for financial institutions and consumers. Blip turns bill pay from a cost center with low utilization into a revenue driver that deepens customer relationships.”
Blip will use the funding to continue the development of features including enhanced payment capabilities to provide additional value to fintechs, banks, credit unions, and ultimately end-users. Blip is well-capitalized and has recently expanded operations with several key hires in engineering and operations. Chad Byers, Co-Founder & General Partner of Susa Ventures, said, “Blip has assembled an outstanding team and has experienced impressive early traction in a space that desperately needed innovation; we are excited for what the future holds.”
About Blip: Blip is a fintech company elevating bill pay’s IQ. Blip effortlessly adds bill management capabilities to any mobile or web application in days with automatic user enrollment, engagement, and support. For more information, visit http://www.tryblip.com