FeeX is a financial intelligence company that has raised $3 million in Series A funding from Blumberg Capital. FeeX will be using the funding to bring their crowd-sourced intelligence analytics to market. The company aims to help people that fall victim to hidden and excessive financial fees.
Americans pay an average of around $155,000 in 401(k) fees in the course of their careers, according to a public policy research company called Demos.
FeeX launched a pilot campaign in Israel and helped early adopters save as much as $2 million in fees within three months of opening up their service. FeeX is accepting early sign-ups on their website and it is expected to launch in the U.S. in early 2014.
FeeX was co-founded by Yoav Zurel, David Weisz, Eyal Levine, and Uri Levine. Uri is known for being the co-founder of Waze, a crowd-sourced GPS app that was recently acquired by Google.
?12 years ago Wikipedia was just an experiment in crowdsourcing information, but today, now traditional companies like Britannica can?t keep up,? stated Uri Levine. ?People trust people, and the benefits of collective intelligence are exactly what FeeX is fostering.?