TiFiPay's 'Digital Mailbox For Finances' Removes Obstacles To Bill Pay, Saves Money

About 74% of U.S. adults need help in organizing their bills to ensure timely payment.

“Technology isn’t really making things easier,” TiFiPay president and CEO Christine Loredo told Benzinga on the results of its banking survey of 520 U.S. adults aged 18 and over. “The management piece is something people struggle with big time.”

In learning more about how consumers can better view their spending and bank balances, as well as decide how and when to pay, Benzinga spoke further with Loredo. The following is the conversation that transpired.

Context: Loredo’s been in fintech for nearly a decade after a start at AOL and Yahoo: “I later came over to Yodlee’s board, around 2012, and helped them launch their non-bank business targeting fintech and big technology companies.”

During her tenure at Yodlee, Loredo’s position evolved and she went on to launch the firm’s data business — one of the top reasons the firm went public and was acquired — and an incubator.

After “getting close to startups and understanding their vision,” Loredo left Yodlee in January of 2021 and met Rob Martin, the founder, and CEO of TiFiPay.

“He struggled with bill-paying experiences his whole life — being a rock start commercial real estate guy — and he tried to build this company during the pandemic," Loredo said.

After falling in love with what Martin was trying to create, Loredo joined TiFiPay as president and CEO.

What’s The Problem: “I have to admit that I’ve had the same problems as a consumer,” Loredo said. “The is about how you access and make payments — there are so many different portals to pay bills.”

At its core, before emails and phones, consumers received their mail physically. Today, bills are sent through email, text and online portals. Making timely payments, across all these gateways, is difficult to say the least.

TiFiPay’s own research validates this. About 78% of U.S. adults have over 11 bills to pay each month with 61% claiming they do not pay their bills on time.

Of the solutions that do exist, Loredo adds that they’re too “focused on bill pay” and not enough on “all of the needs the consumers have.”

“There’s nothing there to help the consumer get better and smarter with paying their bills on time, as well as be more organized with respect to what they can do with the data after.”

What’s The Solution: The solution is basically a digital mailbox for finances.

Essentially, users scan their bills, and TiFiPay sorts and organize them by date and amount due. Then, TiFiPay prompts users to control which bills to pay, automatically setting alerts.

Other functionalities include cash flow analytics and management tools, as well as an easy way to switch between the payment methods employed.

Where To Next: About a year or so since launching in 2021, TiFiPay procured a development team and leadership with tons of experience in payments, fintech and banking.

“We’ve been building the product and have launched a promotion to get people involved in an early beta, encouraging them to win tickets or prizes to use toward bill pay.”

Available are $25,000 in credits and weekly, $100 prizes all to use with TiFiPay’s product that will be available in early summer to a waitlist of 5,000 users.

“We’ve built an engine for quick feedback.”

Practicality: Typically, the average consumer accrues $250 a year in bill repayment late fees.

“Once we help consumers get organized and safe that $250 or more, depending on the household, we can offer solutions that could give them a better rate for their mortgage or utilities, for instance.”

Click here to learn more about TiFiPay and get signed up to win up to $25,000 in credits to pay your bills.