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This Next Billion-Dollar Startup Founder Is Helping People Pay Their Bills
Posted
August 14, 2024
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August 14, 2024
19,180
367
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2.09%
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28:28Now PlayingPhaedra Ellis-Lamkins built Promise into a $520 million powerhouse by helping municipalities and utilities collect unpaid bills with zero-interest payment plans.
For Promise cofounder and CEO Phaedra Ellis-Lamkins, treating with respect people who are struggling financially is what it’s all about. A 48-year-old Black woman who grew up on welfare and worked as a labor organizer in her 20s, Ellis-Lamkins also did stints as a nonprofit executive and pop star Prince’s business advisor before she turned her focus to helping folks pay their bills. But Promise is not a charity or a nonprofit. Instead, Ellis-Lamkins is out to prove that a fast-growing, venture-backed company can be successful without being exploitative. “We’re all trying to use capitalism to do things we believe in,” Ellis-Lamkins says.
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