Backed by leading VCs, the popular co-parenting support fintech app enters its next phase of growth
LOS ANGELES, October 27, 2022 /PRNewswire/ — Continuethe financial platform for co-parenting, announced today that it has been raised $9.7 million in Series A funding led by TTV Capital with participation from Lerer Hippeau, Citi Ventures, Correlation Ventures and Gingerbread Capital. The funding follows significant growth of the company, which is the only fintech app tailored to the needs of divorced and separated parents. Onward has gained significant momentum, with nearly 100,000 installations by individuals seeking relief from the tense, unclear, and often disorganized methods of managing money with their co-parents. The new funding will support the growth of the team and the expansion of the portfolio of innovative fintech products.
Onward’s mission focuses on improving the lives of co-parents and creating happier homes for the next generation. Today, America’s roughly 50 million co-parents rely on messy text messages and email spreadsheets to keep track of shared spending on their children, often leading to unnecessary arguments. The vast majority of these co-parents do not have a child support agreement, meaning all costs need to be negotiated. Even for those who have a child support agreement, child support doesn’t cover medical bills, extracurricular activities, and more, so they still end up going back and forth with their co-parent several times a month. Onward greatly reduces the friction of communication for these co-parents, making it easier to identify who owes whom and repay each other. The app also keeps a record of all expenses for children, pets and other common expenses, which can be exported at any time.
The fundraiser signals Onward’s influence in this particular market, which continues to grow and demand tailored fintech tools for its highly specific and often emotionally charged needs. It also comes in the midst of an exciting period of growth for the company as it is rapidly acquiring new clients and adding new members to the team, and welcoming top talent from fintech companies such as PayPal, Stash, Acorns and Intuit. It will use the funds from its Series A to continue expanding the team, testing new acquisition channels and preparing for a major product launch.
“Money is the number one argument for co-parents, even in the most amicable relationships. Seeing my own parents divorce when I was 14 gave me a deep understanding of the difficulties parents and their children face when it comes to difficult conversations about money,” he said Jacklyn Adele Rome, CEO and Founder of Onward. “We are very pleased and grateful to have the continued support of our investors as we aim to fill a significant and unaddressed need of millions of co-parents across this country. We are committed to continuing to develop products that reduce the friction in their lives and make a social impact by enabling them to be better parents for the next generation.”
Beyond its financial products, Onward is also building a strong and empowering consumer brand to empower co-parents in their next stage of life. Despite the fact that nearly half of all marriages end in divorce, there is usually still a social and cultural stigma attached to it. Onward seeks to restate that narrative, normalize co-parenting, and build a community that helps co-parents look to the future with optimism.
“We always look for three things when making an investment decision: founder, vision and opportunity. Onward checks all of those boxes and more,” he said Mark Johnson, Partner at TTV Capital. “Jacklyn and her team dug deep into the experience of co-parenting to create an intuitive product. We are confident that this infusion of new capital will position Onward to create even more solutions to benefit co-parents everywhere.”
“Jacklyn and the Onward team caught our eye early on in their work with Citi Ventures because we saw how the company was directly addressing a massive market niche with thoughtful, people-centric financial services,” said Luis Valdich, managing director of venture investing at Citi Ventures . “We’re excited to continue to support Onward’s growth trajectory as it allows co-parenting to streamline financial discussions and focus on what matters most: their families.”
“We are excited to support Onward from the outset in developing a unique financial product for co-parenting,” he said Caitlin Strandberg, Partner at Lerer Hippeau. “There is a huge opportunity in this market and Jacklyn and the team are just getting started.”
Onward was founded in 2020 by CEO and serial entrepreneur Jacklyn Rom after leading innovative product launches at Uber and Blue Apron. The company was founded when Jacklyn was entrepreneur-in-residence at Co-Created, a venture studio based in new Yorkwith support and funding from Citi Ventures.
Onward is a fintech platform designed to help co-parents manage joint finances for their children more easily. The app solves an acute pain point for co-parents who mainly send text messages or spreadsheets back and forth to track spending on their kids, pets, and other shared expenses. With Onward, co-parents can streamline often strained communications about shared finances so they and their families can thrive. Onward is located in Los Angeles, California. For more information, visit https://www.onwardapp.com, download the app on the app store or Google Play or follow Onward on LinkedIn.