Wesabe’s $4 Million Series A Investment

Posted Jun 25, 2007

A few days ago, Wesabe announced that they have raised $4 million in funding from Union Square Ventures and O’Reilly AlphaTech.  Wesabe is a website that promotes users to track financial goals.

Creating an account in Wesabe is very simple.  The website registration just asks for a user-name, public name, password, and a couple of security questions.  After that, users can upload accounts whether it is Brokerage, Cash, Checking, Credit Card, Credit Line, Money Market, and Savings. 

If a user wants to upload a Checking or Savings account for example, Wesabe asks for the bank name.  After a bank account is selected, the next step is to download account statements to the computer.  It doesn’t matter whether it is OFX, Microsoft Money, Quick, QFX, QIF, or OFC file types, Wesabe supports them all.

As users input information into Wesabe, tips are provided to help with achieving financial goals.  Some of the user-generated tips are quite obvious such as “pack you own lunch” as a means of saving money, but I’m sure more useful content will be added soon enough.

Jason Knight is the founder of Wesabe and Union Square Venture partner, Brad Burnham will join Wesabe’s board of directors.  The announcement is on Wesabe’s blog[1].

[1] Wheaties for Your Wallet: Wesabe Raises $4M in Series A Funding