SmartPay Solutions

SmartPay Solutions, LLC specializes in providing a Pay-As-You-Go solution that simplifies premium payments for Workers' Compensation insurance.SmartPay Solutions, LLC specializes in providing a Pay-As-You-Go (PayGo) solution that simplifies premium payments for Workers' Compensation insurance. The core offerings are designed to calculate payments based on actual payrolls rather than estimates, thus minimizing audit-related surprises and enhancing cash flow predictability. SmartPay’s platform integrates seamlessly with existing processes and applications used by policyholders, agents, and payroll providers, facilitating real-time premium calculations that reflect actual employment classifications and payroll variances. This innovative approach caters to a diverse clientele, including over 30,000 policyholders, 3,000 agents, and 350 payroll providers across various sectors.SmartPay generates revenue through its PayGo solutions, structured as B2B transactions involving partnerships with insurance agencies, payroll providers, and policyholders. The revenue model is based on processing premium payments for Workers' Compensation coverage, where fees are calculated based on reported payrolls for each pay period. This approach streamlines cash flow for businesses and ensures that premium payments align with their operational realities. While specific pricing plans are not disclosed, the overarching structure promotes a straightforward transaction cycle that enhances customer satisfaction and retention.4 mn from Connecticut Innovations, Tennant Capital Partners, and Stonehenge Growth Capital to support its growth initiatives. The company plans to expand its offerings and enter new geographic markets, specifically targeting regions in the US where flexible insurance payment solutions are in demand.

1. Series A

   Jun 3, 2014

   Amount

   $1.4M

   Investors

   Locked

2. Seed

   Jun 19, 2013

   Amount

   $1.3M

   Investors

   Locked