Relief is an AI-powered, mobile-first consumer debt resolution platform that enables negotiation, automation, and connections to trusted partners for credit card, personal loan, and student loan debt. The company has enrolled over 150,000 users on its platform, representing more than $7.6 billion in unsecured consumer debt. Relief plans to use new growth capital to launch a strategic commercial partnership with National Debt Relief and to develop additional product lines. The partnership will expand access within the app to negotiated settlements, real-time resolution offers, and customized pathways out of debt. Relief positions itself as a digital infrastructure layer for consumer debt resolution at scale and is backed by unspecified top-tier investors and operators in the financial ecosystem. The press release was issued from Miami. Relief provides an app that helps users lower their debt by using advanced machine learning to analyze personal finances and negotiate with debt providers. The company says it can cut credit card debt in half or more on behalf of users. Founded by Jason Saltzman, Bryan Okeke, and Ram Berrouet, Relief operates from Miami, FL. It has a growing waitlist of over 100,000 people and expects to release the app to the public later in 2022. Relief recently raised $15M in a Series A and will use the proceeds to strengthen its platform and scale to support its waitlist. Relief is an app that uses machine learning and collective bargaining to negotiate with creditors and reduce users' debt balances. Co-founded by Jason Saltzman, Bryan Okeke and Ram Barrouet, the product does the math on behalf of users and negotiates directly with creditors to lower balances—Saltzman says balances can be cut in half or more. Once negotiations conclude, Relief sets up payment plans for users and positions itself as an alternative to bankruptcy. The service is free to users; Relief plans to generate revenue by having credit issuers pay to have settlements handled, effectively taking the place of a debt collector. The startup can also issue loans and earn interest, and hopes to develop additional revenue streams as its user base grows. Trust and destigmatizing debt are cited as major challenges to adoption. Relief announced it has raised $2 million via a convertible note led by Collaborative Fund, BFV, Necessary Venture and The Fund, with angel participation.

Total raised

$17M

Funding rounds

3

Latest round

Series A

Latest activity

Feb 2022