Clarity Money grabs $11m for financial wellbeing app

Financial wellbeing app Clarity Money has landed $11m in a Series B round co-led by RRE Ventures and Citi Ventures.

Bessemer Venture Partners and Maveron also participated in the funding.

The New York-based startup aims to use artificial intelligence and data analysis to understand users’ finances and offer guidance to help them save money and lower their bills.

RRE Ventures’ Stuart Ellman said: “Clarity Money’s app is not just another personal financial manager.

“Clarity leverages artificial intelligence and insights to deliver on the promise of true financial advocacy and empowerment for everyone.

“We have backed Adam Dell in the past and are impressed with the phenomenal team he has brought together to tackle this immense opportunity.”

The business is monetised through additional services such as refinancing and low-level credit card offers.

Clarity says it has analysed more than $10bn for users and saved them $300 on average since launching in January 2017.

Founder and CEO Dell said: “In just 90 days, over 100,000 people have seen the power of Clarity Money.

“This additional financing enables us to expand our team and capabilities, at a time when consumers need a financial advocate more than ever.”

The funding comes just eight months after the startup’s $3.5m Series A round from Bessemer Venture Partners, Soros Capital, RRE Ventures and Maveron Ventures.

Copyright © 2017 FINTECH GLOBAL

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