California-based financial advice app Albert has raised a further $4.3m in financing.
The app, which offers a way to track finances, has raised the new capital from one undisclosed investor according to a SEC filing. It is unclear from the filing whether the investment came from a new or existing investor.
In November last year, 500 Startups, 500 Fintech, Bessemer Ventures Partners and CFSI (Center for Financial Services Innovation), all participated in the start ups $2.5m financing round.
Albert analyses user’s income and spending habits, setting aside small amounts of money to be saved.
The app connects to users’ financial accounts, provides advice, and offers recommendations for users to improve their financial health including repaying credit card debt with low-interest loans, obtaining renter’s insurance, or setting up right retirement plans.
It generates revenue through partnerships and referral to other financial services firms such as loan providers and insurers.
Albert currently competes with a number of other financial advice apps such as GV-backed Digit, Northzone-backed Qapital and fellow 500 Startups portfolio company Plum.
Copyright © 2017 FinTech Global
