PayDivvy, the first and only social bill pay solution, today released its free online bill pay and group payment offering.
The Web-based service eliminates the fragmentation that exists in bill pay today by allowing users to view and pay bills from a single place. PayDivvy is the only service that automatically divides bills among roommates, friends and family and then pays those bills automatically.
"If you live with roommates or routinely split dinner bills among friends and family, you know how much of a nightmare it can be to manage group finances," said Michael Melby, CEO of PayDivvy. "Our goal is to be the one place that makes paying all of your bills as painless as possible, while at the same time adding some fun to the process."
PayDivvy has all of the tools you'd expect in a bill pay service:
* View and organize e-bills online
* Pay more than 5,000 service providers with bank account or credit card
* On-time payment guarantee
It also adds new social payment features not offered with most financial services:
* Facebook-style dashboard with communication features
* Pay bills as a group in real-time
* Pay or collect money from a friend
In addition, the company will be offering various premium bill payment options, including unique ways to compare bills and save money, extend your due dates and even protect against deadbeat roommates.
"We created PayDivvy so no one gets stuck paying an entire group bill or has to deal with the hassle of hunting down people for their share of the payment again," said Melby. "This is the only service where you can you view a statement, divide a bill among roommates or friends, discuss the circumstances of a bill, and then pay it."
PayDivvy has been in private beta for the past six months and is generating highly enthusiastic responses from early users. The service is free and only takes a few minutes to register.
The company recently received approximately $1.5 million in investments from Silicon Valley entrepreneurs, Goldman Sachs executives and other prominent angel investors. Its management team is compteam is comprised of experts in Internet technologies, personal finance and payments.