This article appears in print in the October 2019 issue. See more about the winners of the 2019 Tech Impact Awards here. Click here for a free subscription.
Online-payment service Doxo is tapping a huge market, the $3.9 trillion U.S. households spend each year paying bills, representing some 55% of annual household spending. Doxo currently serves about 3 million users making payments online — more than half via mobile devices — to thousands of businesses across the country.
The billers include utilities, insurers, telecom providers, credit card companies, health care companies, landlords and more. “Our business has nearly doubled in every key metric since last year — paying users, participating billers, employees and revenue,” says Steve Shivers, co-founder and chief executive officer of Doxo. “We’re excited by the growth, of course, but we are still in the very early days of transforming an absolutely massive market.”
This past June, the company launched a new service, called doxoInsights, which Shivers describes as an “anonymized, crowdsourced report on recurring household expenses” that offers comparisons of monthly bills in the largest 25 U.S. markets.” The 60-employee company continues to expand its user and biller network, which Shivers says “is already the largest in the country, with more than 50,000 billers.” The company estimates that there are “well over 250,000 billers” in the U.S.
Mason provides businesses with control over their mobile solutions, making it easy for companies to field a fleet of Android devices. The company, founded in 2015, manufactures custom smartphones, tablets and accessories. It also offers software tools that can be used by IT teams to support mobile products. This past August, Mason raised $25 million. “If we can wrap hardware around software, like how an Iron Man suit fits over [Marvel Comics character] Tony Stark, then there can be a hero solution to any problem,” Mason co-founder and Chief Executive Officer Jim Xiao wrote in an online blog piece.