Truebill is a platform that allows users to take control over their finances; it makes users aware of the seemingly low-cost subscriptions that add up to a huge expenditure at the end of month account statement. Truebill uses a smart computer algorithm to make people identify and cancel their recurring payments from their bank accounts and find their desired sum of savings.
Recently, the finance platform has announced that it has acquired $17 million in its Series C funding round.
Since its inception in 2016, Truebill has expanded into several finance-related services, from offering algorithms to help users track their expenses and cancel their unwanted subscription; the company now provides personal expenses reports and negotiating tools to cut down on bills.
According to sources, because of the COVID-19 pandemic and the following lockdown, the company was able to generate more revenue from TV advertisements as there was a dramatic reduction in advertisement cost, reaching a large number of new potential customers.
The pandemic has certainly alarmed everyone about emergency funds, with loss of jobs and low income, people have realised the value of emergency money. There enters, Trubill with its appealing product description- a smart tool for savings wherein users can set aside their funds for emergency and fulfil their goals.
Smart savings adoption has increased tremendously in the past few months. People have understood the value of having a cushion and saving during the pandemic is better than no savings at all and Truebill has been acknowledged to provide smart saving tools that can be very beneficial for everyone in the long run.
The company’s latest funding round wherein it raised $17 million concluded Truebill’s valuation to $40 million. The Series C funding round was led by Bessemer Venture Partners with participation from some existing investors such as Day One Ventures, Eldridge industries, Firebolt Ventures and others.
When asked about the newly acquired funds, the company spokesperson mentioned that they will use these funds to develop new products and features including the ability to have shared accounts, net worth tracking functionality and automated debt payment option.
Haroon Mokhtarzada, founder, Truebill says that the company will make new investments in data science sector to follow trends in financial health and data challenge is certainly significant.
He further added that it is easy to witness profits and losses and alerting users about the same but what is difficult is to follow the trends and make an informed assumption before the loss happens. This anticipation is helpful and these new funds will be used to develop tools and products that help the company and the users achieve their respective goals.