- Personal finance company Truebill announced recently that it raised $15 million in Series B funding
Truebill, a personal finance company, announced recently that it raised $15 million in Series B funding, according to TechCrunch. This round of funding was led by Eldridge Industries with participation from Evolution VC and existing investors Cota Capital, Lucas Venture Group, and YouTube co-founder Jawed Karim.
What does Truebill do? Truebill chief revenue officer Yahya Mokhtarzada told TechCrunch that Truebill essentially helps users track their subscriptions and recurring expenses. And it helps users cancel those subscriptions. This service will be crucial as subscription-based and SaaS companies are becoming ubiquitous.
Mokhtarzada pointed out that new capabilities will also be added such as automated budgeting, automated saving, and bill negotiation. Plus it will also launch bill pay, credit score monitoring, and a rewards system.
Mokhtarzada acknowledged out that there are already a number of personal finance tools out there. However, the other tools tend to handle a specific need rather than an all-in-one solution.
“The other half is, if you look at the App Store, it’s filled with single-point solutions,” said Mokhtarzada via TechCrunch. “As your financial life gets more sophisticated and complex, the consumer is ending up with five or more different point solutions. All of that needs to be consolidated into one place.”
Currently, Truebill has 500,000 active users. And the basic version of the service is free. The paid features include custom budget categories. And Truebill takes a commission when they are able to lower bills.
Truebill’s founders include Yahya Mokhtarzada along with his brothers Haroon Mokhtarzada and Idris Mokhtarzada. The Mokhtarzada brothers were also previously the co-founders and executives at Webs.com (acquired by Vistaprint for $117.5 million). Recently, Truebill opened a new headquarters location in Silver Spring, Maryland. The company also has an office in San Francisco.