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Truebill, a startup that offers a variety of tools to help users take control of their finances, announced today that it has raised $ 17 million in Series C funding.
When I first wrote about the launch in 2016, it focused on helping users track and cancel unwanted subscriptions. Since then, it has expanded to other financial products, such as reports on your personal expenses and the ability to negotiate lower bills.
This week, Chief Revenue Officer Yahya Mokhtarzada told me that with the pandemic leading to a drastic reduction in advertising costs, Truebill was able to make television advertising a key channel for reaching new users.
And of course, financial uncertainty has also made the product more attractive, particularly its smart savings tool, where users can automatically set aside money for their goals.
“People realized the need to have some mattress,” Mokhtarzada said. “You should start saving when things are going well, before you need it, but [saving during the pandemic] it’s better than not doing it at all. We’ve seen a huge increase in smart savings adoption, which is at an all-time high. “
The new round brings Truebill’s total funding to $ 40 million. It was led by Bessemer Venture Partners, with participation from Eldridge Capital, Cota Capital, Firebolt Ventures and Day One Ventures.
The startup says the round will allow it to develop new products and features, including net worth tracking, automated debt payments and shared accounts.
Mokhtarzada added that the company will make large investments in data science to help pursue its “north star” of financial health, where he said: “The data challenge is significant.”
Of course, it is fairly easy to recognize if someone is doing well or poorly financially, but the real goal is to “recognize trends and shortcomings before they happen.”
For example, rather than simply alerting users when an overdraft fee has been charged to their account, Mokhtarzada said: “What is useful is that predictive models analyze data to anticipate a cash flow shortage and have the right tools to prevent it. “
Truebill raises $ 15 million to build a comprehensive platform for personal finance
