Savology, a provider of free financial planning, has collected $750,000 in an oversubscribed seed round.
The round was backed by investors including MassMutual Intermountain West CEO Brady Murray, RevRoad CEO Derrin Hill, The Professional Financial Company founder and CEO Bruce Miller and Ascend Finace co-founder and CEO Ben Tejes.
Savology offers free personal finance support, providing customers with a financial report card which shows their strengthens and areas they need to improve upon. Founded in 2019, the app helps users reach financial goals whether its saving more money, better preparing for retirement, finding better insurance policies, and more.
To date, Savology has supported around 10,000 households with their personal finances and hopes to reach 100,000 by the end of the year.
The FinTech is looking to expand its network of partners to 50 by the end of the year. Its list of current provider partners includes MassMutual, Acorns, Lively, M1 Finance, Self, Blooom, The Zebra, Credible and others.
MassMutual Intermountain West CEO Brady Murray said, “Savology has the potential to fundamentally change the direction of personal finances in America. I look forward to seeing the positive impact that Savology will have on both households and the broader industry as they improve access to financial planning and other financial services.”
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