Phaedra Ellis-Lamkins built Promise into a $520 million powerhouse by helping municipalities and utilities collect unpaid bills with zero-interest payment plans.

For Promise cofounder and CEO Phaedra Ellis-Lamkins, treating with respect people who are struggling financially is what it’s all about. A 48-year-old Black woman who grew up on welfare and worked as a labor organizer in her 20s, Ellis-Lamkins also did stints as a nonprofit executive and pop star Prince’s business advisor before she turned her focus to helping folks pay their bills. But Promise is not a charity or a nonprofit. Instead, Ellis-Lamkins is out to prove that a fast-growing, venture-backed company can be successful without being exploitative. “We’re all trying to use capitalism to do things we believe in,” Ellis-Lamkins says.

Read the full story on Forbes: https://www.forbes.com/sites/amyfeldman/2024/08/13/this-kinder-gentler-bill-collector-is-helping-people-keep-the-lights-on-promise-phaedra-ellis-lamkins/

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