Truebill, which simplifies the tracking and management of subscriptions and bills, has closed its Series C on $17m, after passing the milestone of saving customers a total of $100m.
The investment round was led by Bessemer Venture Partners, with participation also coming from Eldridge, Cota Capital, Firebolt Ventures and Day One Ventures.
This equity infusion enables the company to further the development of new products. There are four new products in the works at Truebill. The first is a new tool that lets users access net worth tracking. This will give customers the ability to visualise their debt and assets with customised recommendations to improve financial health.
Its second tool in development is the Smart Savings feature, which will guide customers through savings milestones to ensure they have money saved for an emergency and a three-month safety net. The tool will provide insights on how a user can increase their savings by making changes to their spending habit, with bonuses given along the way to incentivise the shift.
The third tool is a debt-payoff solution that automates the process of paying down debt in a way that matches the user’s financial situation.
Finally, the company is building a shared account service, which will have the ability to share budgets, spending and savings plans with a partner.
The company has just passed the milestone of helping more than one million of its users save a combined total of $100m.
In a blog post announcing the funding, Truebill CEO Haroon Mokhtarzada said, “Truebill was born with a simple goal—to make it simple to track and manage subscriptions and bills. At the time, we were building the product for ourselves as much as we were for others; after all, who wouldn’t want a tool that helps you avoid wasting money?
“It wasn’t until we began hearing from our customers that we really woke up to the scale of the challenge ahead of us. We realized, it’s not just that managing subscriptions is hard, it’s that managing money is hard.
“And so Truebill’s mission expanded. We set a goal and wrote it on the wall: to meaningfully improve the financial health of millions of people.”
This investment brings the FinTech’s total funding to $40m.
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