In the present month, American consumers owe $11.85 trillion in debt, which is a 1.7% rise from last year. $890.9 billion out of this amount is credit debt. A study released by Urban Institute brought to light that 35% of Americans or 111 million Americans are in debt today. A stagnant income coupled with an inability to manage debts is the reason behind this statistical data.
To help Americans solve this debt management problem, Rod Ebrahimi and Ignacio Thayer founded ReadyForZero in 2011. ReadyForZero is a financial tool that helps people automatically manage their credit card debt and loans. The loan can be student loan, mortgage, auto loan or even personal loan. Its interactive financial tool combines all the payment data and real-time transactions at one place to automatically generate a 360-degree debt and credit management plan for the debt payer. ReadyForZero has a free mobile app available both on App Store and Google Play Store. Until today, ReadyForZero has helped customers pay down more than $200 million debt in total.
Its debt management plan includes features like visual graphs to track the overall progress, reminders and notifications for payment due dates and a very good mobile support in the entire process. Consumers don’t have to worry about their data and payment security since ReadyForZero has proven security measures including the 265-bit encryption. The tool never saves any user’s bank account credentials.
The co-founder and CTO at ReadyForZero, Ignacio Thaye, is an ex-googler. Rod Ebrahimi, the CEO of the company has beenworking in technology industry since high school. He is an alumnus of University of California, San Diego.
In October 2016, ReadyForZero raised $277k in seed funding from 500 Startups, Y Combinator and 3 other angel investors including Steve Chen who is the co-founder of YouTube. In 2011, ReadyForZero received $42 million in Series A funding from Polaris Partners, Boston. In March 2015, Avant, a company that simplifies personal loan application process for consumers, acquired ReadyForZero.