Personal finance app provider Truebill raised $45m in Series D funding giving it a valuation of $500m.
The round, which brought total funding to $85m, was led by Accel with participation from existing backers Bessemer Venture Partners, Cota Capital and Eldridge Industries.
The cash injection will be used to expand its platform of financial management tools to give users more visibility and control of their money. Truebill also plans to do more hiring in the product, data science, engineering, marketing and user support areas.
The company is working on a wealth management dashboard that centralises all your assets and debt. Some other new features in the pipeline include tracking assets and debt over time to provide actionable insights for improvement, an autopilot feature that will build savings in the background and a web platform.
Led by Haroon Mokhtarzada, Truebill enables people to optimize their spending, manage subscriptions, lower their bills, and automatically set aside money to reach their savings goals. The company offers a personal finance app that monitors users’ spending habits, helping them to manage subscriptions, lower their bills and automatically set aside money to reach their savings goals. The app, available in both iOS and Android, also supports pay advance and bill negotiation, giving users further tools for managing cash flow and controlling costs.
The startup is growing at a rapid pace. Truebill said it has saved members more than $100m since 2016. The company, which also has offices in San Francisco, now analyses more than 200 million monthly transactions for more than $40bn in monthly transaction volume. Truebill has also more than doubled its staff since November to over 100 employees and plans to continue to expand its product, data science, engineering, marketing and user support teams to further its offerings.
Since Truebill’s $17m funding round in November 2020, the company has grown its active user base from one million to two million. In addition, its revenues have tripled since March 2020.
Accel partner Nate Niparko said his firm is “impressed by the loyal following Truebill has amassed and at how rapidly the company has grown over the past year.”
Mokhtarzada added that more than 10,000 members sign up for Truebill every day seeking to better understand and improve their finances. He said, “With this new capital, we’re transforming Truebill into an all-in-one, holistic platform that makes it easy for members to not only manage subscriptions and spending but also … make informed decisions to improve their financial health.”
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