A Plano fintech company that automates bill payments directly from paychecks has secured $13 million in funding.
Highline Technologies was funded by Jump Capital, Costanoa Ventures, Foundation Capital and other investors. Founded in 2020, the company helps consumers avoid missed payments and overdraft fees by set up payments directly deducted from their income.
Geoff Brown, CEO and co-founder of Highline, said the company has seen “pretty solid traction” since its debut two years ago. He said the funding is part of Highline’s plans to start scaling the business and growing the team.
“There are a lot of things we need to develop,” Brown said. “We also started to develop our sales and partnership organizations to really get the word out about the product. We work with lenders and other builders to introduce us to payment options, so it takes some work to get into the market and do that integration.
Highline received $4.5 million in seed funding in February and doubled its staff in the first half of 2022. This round of funding will support Highline’s continued growth, including staff additions, partnership opportunities and wider adoption of its products and services in the marketplace.
Yelena Shkolnik, partner at Jump Capital, said lenders are reporting that connecting borrowers’ paychecks will significantly reduce defaults. Highline, she said, has found a solution to transform the customer experience.
According to the company, automating loan repayments through payroll linkage improves a consumer’s creditworthiness by the equivalent of 80 to 100 FICO points.