Business

Personal finance startup Truebill raises USD 17 million

Truebill - Appy Pie

Truebill, a startup offering tools to help users take control of their finances, has said that it has raised USD 17 million in Series C funding.

In 2016, Truebill was focused on helping users track and cancel unwanted subscriptions. Since then, it has expanded into other financial products, like reports on customer’s personal expenses and the ability to negotiate lower bills.

Truebill’s Chief Revenue Officer Yahya Mokhtarzada said, “Due to the pandemic leading to a reduction in ad costs, Truebill decided to make TV advertising a key channel for reaching new users.”

The financial uncertainty has made the product appealing especially its smart savings tool, where users can automatically set aside money for their goals.

Mokhtarzada added, “Due to the pandemic people have become aware of the need to have some cushion funding. You should start saving when things are going well, before you need it, though saving during the pandemic is better than not doing it at all. We’ve seen a big jump in the smart savings adoption, which is at an all-time high.”

The new round was led by Bessemer Venture Partners, with participation from Eldridge Capital, Cota Capital, Firebolt Ventures, and Day One Ventures and brings Truebill’s total funding to USD 40 million.

The startup Truebill says the round will help the company to develop new products and features, including net worth tracking, automated debt payments, and shared accounts.

Mokhtarzada also said that the company has plans to make big investments in data science to help follow its north star of financial health. He said, “The data challenge is significant. It’s pretty straightforward and simple to recognize whether someone’s doing well or poorly financially, but the real goal is to recognize trends and shortfalls before they happen.”

Mokhtarzada finally said, “Instead of simply alerting users when they have been charged an overdraft fee on their account, it is helpful is to have predictive models analyze data to anticipate cashflow shortage for them and offer the right tools to prevent it.”