Truebill, a company that helps users manage and optimize their spending, recently announced that it raised $5 million in Series A funding. And Truebill also launched a new program called “Smart Savings.”
The new Smart Savings feature allows users to automatically withdraw funds to save towards certain goals like a vacation or the purchase of a home. And the Smart Savings feature also offers Automated Outage Credits, which will help consumers automatically claim refunds for service outages that occur every month for their home.
Haroon Mokhtarzada was also recently named as CEO of Truebill. Haroon co-founded Truebill with his brothers Yahya Mokhtarzada and Idris Mokhtarzada. Haroon Mokhtarzada was previously the CEO of Webs.com, a website builder company — which was sold to Vistaprint for $117.5 million in 2011.
When Truebill started out, it was a mobile app that helped users receive refunds for subscriptions that they did not want. And it rapidly evolved in a way that helps strengthen the overall financial dashboard for its users.
“We began the company as a subscription management platform,” said Haroon Mokhtarzada in an interview with VentureBeat. “However, we realized that while seeing your subscriptions and bills is useful, it is not very actionable. That’s why we began expanding into additional services, like subscription cancellation, bill negotiation, and outage refunds.”
Some of the investors in this round include Cota Capital, Social Capital, Day One Ventures, David Marcus (former PayPal president and head of Facebook’s blockchain initiatives), Neil Blumenthal (Warby Parker co-founder), Dave Gilboa (Warby Parker co-founder), Jawed Karim (YouTube co-founder), Troy Carter (music manager and Cross Culture VC partner), Marc Katz (Custom Ink co-founder), Hiten Shah (co-founder of Crazy Egg, Quick Sprout, and more), and several others.
“Truebill is a great place to track your spending, stop wasting money, and even put some money back in your pocket,” added Mokhtarzada in the interview. “As we look forward, we want to be the dashboard that consumers use to run their financial lives. In the coming months, we will be tackling the problem of late fees (something that costs consumers $20 billion per year) by releasing the most intuitive and intelligent bill pay solution on the market.”