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 userâ€™s income and spending habits, setting aside small amounts of money to be saved.
The app connects to usersâ€™ financial accounts, provides advice, and offers recommendations for users to improve their financial health including repaying credit card debt with low-interest loans, obtaining renterâ€™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.
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