Relief Secures $15M in Series A Funding to Help
MIAMI, Feb 18 2022 (GLOBE NEWSWIRE) — Relief, the personal finance startup committed to helping everyday people achieve financial freedom by eliminating credit card debt, today announced it has raised $15 million in Series A funding, bringing its total funding to date to $17 million. The round was led by Nava Ventures and includes a range of strategic investors, including Ken Chenault, former CEO and Chairman of American Express; Vikram Pandit, former CEO of Citigroup and The Kraft Group. Other major venture capital groups include Interplay, Animal Capital, Necessary Ventures, and Brand Foundry Ventures, among others.
Relief is a startup that works to get people out of crippling credit card debt by negotiating with credit card companies on their behalf. The company uses a personalized approach with advanced machine learning technology. Relief’s app transparently negotiates with credit providers after analyzing a user’s personal finances and can reduce credit card debt in the user’s name by half or more – for free.
“We are thrilled to partner with Relief in its mission to help consumers with unsustainable debt. The company’s deep fit with the founding market is a hallmark of Nava’s investment thesis, and the approach Relief’s consumer-focused approach is a much-needed innovation in debt settlement. We view Relief as a long-term partner for consumers looking to improve their financial well-being,” said Freddie Martignetti, Partner at Nava Ventures.
This latest round of funding will be used to provide Relief with resources to strengthen its platform and scale to support a rapidly growing waitlist. The company plans to release the app to the public later in 2022.
Relief is founded by Jason Saltzman, Bryan Okeke and Ram Berrouet – three seasoned entrepreneurs with deep market knowledge in advanced technology, finance and executive leadership.
“Relief is poised to be the go-to platform people turn to to deal with their debt and start building their financial future again. We believe that access to new technologies and services that meet the financial challenges should be available to everyone – especially communities This is our mission, this is why our app is free, and this is why we won’t rest until we can finally face the credit card debt crisis,” said Jason Saltzman, CEO and co-founder.
Scheduled to launch later this year, Relief has already struck a chord with consumers; more than 100,000 people have joined the waitlist, representing a cumulative credit card debt of $750 million – a reflection of the ongoing uncertainty for so many throughout the COVID era -19.
“Every day we hear from our own communities that people need help managing their debt. Ram and I being black founders, we are proud to help solve such a huge problem on a large scale, all growing the trend of investing in minority-owned companies,” said Bryan Okeke, co-founder and CTO of Relief.
The company is ramping up rapidly. Consumers can join the Relief Waitlist at www.relief.app and earn $40 to pay off their credit card debt for each friend they invite.
For any request, please contact: [email protected]
Image 1: Relief Founders
Founders Bryan Okeke, Jason Saltzman, Ram Berrouet
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