Payments fintech Highline Technologies raises $13 million in Series A round

Highline Technologies, a payments fintech firm, has secured $13 million in its Series A funding round led by Jump Capital, Costanoa Ventures, Foundation Capital, among others.

The firm, established in 2020, has developed a payment platform that enables customers to automatically pay bills directly from their paycheck. The platform is designed to help consumers not miss payments and avoid overdraft fees.

It also allows lenders to improve the performance of their portfolios. Using the solutions, lenders will be able to expand approvals as well as add new customers and increase revenue while minimizing risk, Highline said.

Furthermore, the company has improved salary-secured lending to all asset classes, which was previously limited to only personal loans.

With the new investment, Highline aims to accelerate growth. The company also seeks to add new employees, form new strategic alliances and support market adoption of its solutions and offerings.

Highline Technologies co-founder and CEO Geoff Brown said: “We are grateful to our investors and excited by the opportunities this funding round represents.

“It will enable us to continue to build a world-class team and connect with a growing number of customers and partners across the industry who are equally committed to giving more borrowers access to the credit and banking services they deserve.”

Last year, Highline received seed funding, which has helped the firm double its workforce in the first half of this year.

The company noted that last year it had completed the development of its platform. It has introduced early customers in personal loans, lease-to-own, retail and credit cards.

Jump Capital partner Yelena Shkolnik said: “When we spoke to lenders, we heard a consistent refrain – they all recognized that connecting to borrowers’ wages would drastically reduce defaults and significantly improve their competitive position.

“Most had tried and failed to take advantage of deductions, were challenged to properly manage cash flow or offer adequate employer coverage.

“In Highline, lenders have the solution they’ve been looking for and a powerful end customer experience to transform lending.”