Payoff.com runs an online service that helps people managing their financial goals and debt better. The company has raised $4.5 million out of a planned $7 million round, according to soCaltech.
Founded by Scott Saunders, Payoff.com is known for offering online rewards, social tools, and peer pressure to encourage users to pay off their debts. Saunders reportedly created the company because he was upset about the country’s financial affairs. He also wanted to help people manage their money better.
So far Payoff.com has overseen nearly $65 million get paid off and $79 million paid.