Truebill Raises $17M to Help You Manage Your Finances

Truebill, a company providing a suite of resources designed to empower individuals to manage their finances effectively, has just announced the completion of a $17 million Series C funding round.

My initial coverage of this company dates back to 2016, at which time its primary focus was assisting users in monitoring and canceling unnecessary subscription services. Since then, the company has broadened its offerings to encompass additional financial solutions, such as detailed reports on individual spending habits and a service for negotiating reduced rates on existing bills.

This week, Yahya Mokhtarzada, Chief Revenue Officer, shared with me that the company was able to leverage television advertising as a crucial method for acquiring new customers due to the substantial decrease in advertising expenses brought about by the pandemic.

Naturally, the current economic climate has also increased the appeal of the product, especially its automated savings feature, which enables users to consistently allocate funds towards their financial objectives.

“Individuals have become more conscious of the importance of maintaining a financial safety net,” Mokhtarzada explained. “Establishing savings during periods of economic stability is ideal, but initiating savings even during challenging times is preferable to not saving at all. We’ve observed a significant increase in the utilization of our smart savings tool, reaching record levels.”

This latest funding round increases Truebill’s total funding to $40 million. The investment was spearheaded by Bessemer Venture Partners, with further contributions from Eldridge Industries, Cota Capital, Firebolt Ventures, and Day One Ventures.

The company states that these funds will be used to facilitate the development of new products and enhancements to existing features, including tools for tracking net worth, automating debt repayments, and managing shared financial accounts.

Mokhtarzada also mentioned that the company intends to make substantial investments in data science to further its core mission of promoting financial well-being, noting that, “The data-related challenges are considerable.”

While it is relatively simple to determine whether someone is in a strong or weak financial position, the ultimate aim is to “identify potential issues and deficiencies before they arise.”

For instance, rather than merely notifying users after they have incurred an overdraft charge, Mokhtarzada stated, “A more valuable approach is to employ predictive modeling to anticipate potential cash flow problems and provide the necessary tools to prevent them.”