Truebill, a startup offering a variety of tools to help users take control of their finances, announced today that it has raised $17 million in Series C funding.
When I first wrote about the startup in 2016, it was focused on helping users track and cancel unwanted subscriptions. Since then, itâs expanded into other financial products, like reports on your personal expenses and the ability to negotiate lower bills.
This week, Chief Revenue Officer Yahya Mokhtarzada told me that with the pandemic leading to a dramatic reduction in ad costs, Truebill was able to make TV advertising a key channel for reaching new users.
And of course, the financial uncertainty has made the product more appealing too â particularly its smart savings tool, where users can automatically set aside money for their goals.
âPeople became aware of the need to have some cushion,â Mokhtarzada said. âYou should start saving when things are going well, before you need it, but [saving during the pandemic] is better than not doing it at all. Weâve seen a big bump in smart savings adoption, which is at an all-time high.â
Image Credits: Truebill
The new round brings Truebillâs total funding to $40 million. It was led by Bessemer Venture Partners, with participation from Eldridge Capital, Cota Capital, Firebolt Ventures and Day One Ventures.
The startup says the round will allow it to develop new products and features, including net worth tracking, automated debt payments and shared accounts.
Mokhtarzada added that the company will be making big investments in data science to help follow its ânorth starâ of financial health, where he said, âThe data challenge is significant.â
Sure, itâs pretty straightforward to recognize whether someoneâs doing well or poorly financially, but the real goal is to ârecognize trends and shortfalls before they happen.â
For example, instead of simply alerting users when theyâve been charged an overdraft fee on their account, Mokhtarzada said, âWhat is helpful is to have predictive models analyze data to anticipate a cashflow shortage and have the right tools in place that prevent it.â
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