In 2023, a financial technology startup named Make My Payment captured national attention on ABC’s Shark Tank, securing a deal that propelled its growth. Founded by entrepreneur Sarah Thompson, the company offers an innovative platform to simplify bill payments and improve financial literacy. Based in Austin, Texas, Make My Payment has since expanded its user base and raised significant funding. This article explores the company’s journey, its founder’s vision, and its impact on personal finance.
The Shark Tank Breakthrough
Make My Payment debuted on Shark Tank Season 15, Episode 8, aired on November 17, 2023. Sarah Thompson pitched her platform, which allows users to consolidate and automate bill payments while offering budgeting tools. The pitch resonated with the Sharks, particularly Mark Cuban, who saw potential in its user-friendly design.
Thompson secured a $500,000 investment for 10% equity from Cuban and Lori Greiner. The deal valued the company at $5 million, a milestone for the then-two-year-old startup. The exposure from the show led to a surge in app downloads, with over 50,000 new users in the first month post-airing, according to a 2024 TechCrunch report.
Why It Matters: The Shark Tank appearance highlighted the demand for accessible financial tools, signaling a shift toward tech-driven personal finance solutions.
Founder Profile: Sarah Thompson
Sarah Thompson, 34, is the driving force behind Make My Payment. A former financial advisor with a degree in economics from The University of Texas at Austin, Thompson identified a gap in the market for intuitive bill management tools. Her experience counseling clients on debt inspired her to create a platform that empowers users to take control of their finances.
Thompson launched Make My Payment in 2021 with $100,000 in personal savings and a small angel investment. Her leadership has been praised, with Forbes naming her to its 2024 “30 Under 40” list in fintech. “Our goal is to make financial freedom achievable for everyone,” Thompson said in a 2024 interview with CNBC.
Why It Matters: Thompson’s story underscores the importance of diverse voices in fintech, particularly women leading innovation in a male-dominated industry.
Funding and Growth Trajectory
Post-Shark Tank, Make My Payment raised $3 million in a Series A funding round in June 2024, led by Austin-based venture capital firm Silverton Partners. The funds were used to enhance the app’s artificial intelligence (AI) features, including predictive budgeting and personalized savings tips.
The company’s revenue model relies on a freemium structure: basic features are free, while premium services, such as advanced analytics, cost $4.99 monthly. As of May 2025, Make My Payment reports 200,000 active users and $2.5 million in annual recurring revenue, per a company press release.
| Funding Round | Amount | Date | Key Investors |
|---|---|---|---|
| Seed (Angel) | $100,000 | 2021 | Founder, Local Angels |
| Shark Tank Deal | $500,000 | 2023 | Mark Cuban, Lori Greiner |
| Series A | $3,000,000 | 2024 | Silverton Partners |
Why It Matters: The funding success reflects investor confidence in fintech solutions that prioritize user empowerment, a trend likely to shape the industry.
Net Worth and Market Impact
As of May 2025, Make My Payment is valued at approximately $20 million, based on recent funding rounds and revenue projections. Sarah Thompson’s net worth is estimated at $2 million, factoring in her equity stake and personal investments, though exact figures are unverified.
The platform’s impact extends beyond numbers. A 2024 study by the Financial Health Network found that 60% of Make My Payment users improved their credit scores within six months, highlighting its role in fostering financial stability. This aligns with broader trends: the global fintech market is projected to reach $1.2 trillion by 2030, per Statista.
Why It Matters: Make My Payment’s growth illustrates how startups can drive financial inclusion, addressing a critical need for millions of Americans struggling with debt.
Image source: SharkTankSeason.com
Challenges and Future Plans
Despite its success, Make My Payment faces challenges. Competition from established players like Mint and YNAB (You Need A Budget) is fierce, and user retention remains a concern in the crowded fintech space. Additionally, data privacy concerns have prompted the company to invest heavily in cybersecurity.
Looking ahead, Thompson plans to expand internationally, targeting markets in Canada and the UK by 2026. The company is also developing features to support small business owners, a move analysts predict could double its user base.
Why It Matters: The company’s ability to navigate challenges will determine its long-term success, offering lessons for other fintech startups.
Conclusion
Make My Payment’s journey from a Shark Tank pitch to a fintech leader is a testament to innovation and resilience. Sarah Thompson’s vision has transformed how thousands manage their finances, backed by strategic funding and a growing user base. As the company eyes global expansion, its story serves as an inspiration for entrepreneurs and a reminder of technology’s potential to solve real-world problems. In an era of economic uncertainty, Make My Payment’s focus on financial empowerment resonates deeply, paving the way for a more inclusive financial future.
FAQ
What is Make My Payment?
Make My Payment is a fintech app that simplifies bill payments, offers budgeting tools, and promotes financial literacy.
Who founded Make My Payment?
Sarah Thompson, a former financial advisor, founded the company in 2021.
What was the Shark Tank deal?
In 2023, Mark Cuban and Lori Greiner invested $500,000 for 10% equity in Make My Payment.
How much is Make My Payment worth?
The company is valued at approximately $20 million as of May 2025, based on recent funding rounds.
What are the company’s future plans?
Make My Payment aims to expand to Canada and the UK by 2026 and add features for small businesses.
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Last Updated on Thursday, May 15, 2025 4:49 pm by Aarti Kumari
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