Uber alum rakes in $9.7M to curb finance-related fights between co-parents • TechCrunch
If you are a parent, one of the hardest things about divorce is still having to deal with your ex about the financial matters related to your children.
According to 2015 reportOnly 50.2% of the total of 13.6 million foster parents in the United States have child support agreements, either legal or informal. Even in these cases, most agreements do not cover expenses that go beyond basics such as medical bills and extracurricular activities, among other things.
This means that divorced parents end up arguing about who pays for what, how and when. Money matters when parenting is an issue in even the most amicable divorce cases.
The daughter of divorced parents herself, Jacqueline Roma Onward was founded in 2020 with the goal of helping divorced and separated parents manage their joint expenses more easily. Roma, who previously led new product launches at Uber and Blue Apron, said it designed the app not only with the goal of relieving parents’ headaches but also to help reduce family stress in general. As you can personally attest, children also suffer greatly from being caught in the middle as their estranged parents squabble over money.
today, onwards – formerly known as Ensemble – has raised $9.7 million in a Series 1 funding round led by Atlanta-based TTV Capital to advance its mission. Lerer Hippeau, Citi Ventures, Correlation Ventures and Gingerbread Capital were also co-funded. The startup was formerly in Los Angeles Raised $3 million in seed funding In March 2021.
Since that time, Onward has launched a number of new features, including the ability to pay your dad refunds through the platform, partial payments and the ability to track other non-child related expenses like joint mortgages or phone bills.
A parent, for example, may have taken a child to the dentist at a cost of $120. They can upload a photo of the receipt, and the other parent receives a notification to view all the details about the expense. The two can negotiate if necessary, all via the app, and settle expenses by contacting payment providers such as Venmo or Zelle through the Onward platform.
Roma says the company has grown exponentially with nearly 100,000 installs. So far, Onward has turned to social media as a marketing tool, including utilizing TikTok as a platform. Roma said that by partnering with influencers who are parents, the startup has been able to raise awareness of what it has to offer.
Forward still ahead of revenue. The company plans to start monetizing early next year with a “batch” of new financial products, including connected credit cards, according to Roma. In the future, Onward may also build a paid subscription model.
Roma said integrating transparency into the platform was also a priority.
“Often, men will say transparency is their biggest pain point — they may or may not believe the expenses are legitimate,” she told TechCrunch. “In our app, they can view receipts, and eventually with our cards, they’ll be able to ask a third party to verify where each transaction occurred.”
Onward’s new capital will go towards building those products, Additional testing of new marketing channels And increase its current staff of 10.
While there are a number of fintech companies in the broader family tech space like Greenlight, Step, and Acorns, Roma believes there areof the green spaces in this market.”
“There are 50 million parents in the United States, and they are a huge, huge market that is not yet serviced,” she said. As for the method, Roma speculated that it “may be considered less attractive to the market, or that those who have experienced it tend to be less likely to establish a company.”
TTV Capital doubled its investment in Onward, with partner Mark Johnson describing the app as “remarkable in its simplicity.”
“Jacqueline and her team have really listened to participating parents who use the app — and have gone to great lengths to come up with improvements and new features based on their needs,” he wrote via email. “We are proud to support Onward as it expands to help more parents easily navigate their situations. unique finance.