Personal Finance App Company Truebill Raises $45 Million

By Amit Chowdhry ● Jun 2, 2021
  • Personal finance app Truebill announced it raised $45 million in Series D funding. These are the details.

Truebill — a popular personal finance app — announced that it has raised $45 million in a Series D round of funding led by Accel with participation from existing backers Bessemer Venture Partners, Cota Capital and Eldridge Industries. Including this round, Truebill has raised a total of $85 million.

With this new new funding round, Truebill will expand its platform of financial management tools to give users more visibility and control of their money than before. The new features being rolled out will include complete tracking of assets and debt over time, an AI-powered automated savings tool that effortlessly builds savings while keeping cashflow healthy, and a web platform.

Since Truebill’s $17 million Series C round announced in November 2020, the company already grew its active user base from 1 million to 2 million and is now analyzing more than 200 million monthly transactions for over $40 billion in monthly transaction volume. And 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.

KEY QUOTES:

“More than 10,000 members sign up for Truebill every day seeking to better understand and improve their finances. 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 optimize their savings and make informed decisions to improve their financial health. Truebill is rapidly becoming the most valuable financial membership for everyday consumers.”

— Haroon Mokhtarzada, Co-Founder and CEO

“We’re impressed by the loyal following Truebill has amassed and at how rapidly the company has grown over the past year. Truebill’s dedication to improving their members’ financial health is unparalleled and we’re proud to support their expansion.“

— Nate Niparko, Partner at Accel