Provides a bill management platform that allows users to pay any bill in four flexible installments, with no interest or late fees, by uploading bills via photo or file. Each payment is reported to credit bureaus, helping users build credit while saving an average of $200 annually through bill negotiation and management services.
Funding
$43.6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many individuals struggle to manage their bill payments effectively, leading to late fees, potential negative impacts on their credit scores, and difficulty in budgeting for essential expenses. Existing bill payment methods often lack flexibility and do not provide opportunities for users to improve their financial standing through responsible payment behavior.
Solution
Deferit is a bill management platform that allows users to pay any bill in four installments, offering a flexible alternative to traditional payment methods. By uploading bills via photo or file, users can split their payments without incurring interest or late fees. Deferit pays the bill upfront, even if the biller only accepts checks, and allows users to manage their payment schedule through a user-friendly mobile app. Furthermore, each payment is reported to major credit bureaus, helping users build a positive credit history while managing their expenses.
Target Audience
Deferit primarily targets individuals who want to better manage their bill payments, build credit, and save money on recurring expenses.
Features
- Bill payment in four flexible installments with no interest or late fees
- Credit building through reporting payments to TransUnion, Experian, and Equifax
- Bill negotiation service to potentially lower recurring expenses
- Mobile app for uploading bills, managing payments, and tracking credit progress
- Upfront payment of bills, even if the biller only accepts checks
- Support for a wide range of bill types, including energy, utilities, internet, and insurance
- Integration with over thousands of billers