Payitoff, the New York City-based company building infrastructure that automates and optimizes every aspect of debt management, raised $8.5 million in seed funding, led by Lightspeed Venture Partners, with participation from Social Leverage, Sound Ventures, and Struck Capital.

Founded by Bobby Matson in 2017 and based in New York City, New York, Payitoff is a debt infrastructure company that provides a range of services that help fintech companies, workplace providers, and financial institutions. Payitoff has teamed up with a number of fintech players, workplace providers, and financial institutions, providing them provide them with technology solutions, which include Payitoff API solutions, that produce financial outcomes for borrowers and customers.

According to online tech publication TMCNet, Payitoff is the first and only company that automates federal loan assistance programs fully electronically, through Payitoff’s API solutions. This game-changing low-code API technology results in much faster processes and approvals for key programs, such as income-driven repayment.

The company plans to use the new funds to improve its services to meet the growing demand from financial services providers. In addition to that, the new capital will be used to grow its impact-driven team, hiring more talents for customer service, sales, engineering, and operations roles. The company plans to expand its current product line, by rolling out similar, impactful outcomes to additional financial products.

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