American fintech startup Truebill has raked in $17m Series C funding round to launch a personal finance management app.
The funding round was led by Bessemer Venture Partners, which was joined by other investors including Eldridge, Cota Capital, Firebolt Ventures, and Day One Ventures.
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The latest funding round brings the total amount raised by the company to date to $40m.
Truebill said that it will use the fresh capital to fund the development of new products and features.
The company will expand its operations by introducing a net worth tracking product for its users.
It will also roll out a “smart” savings tool, automated debt payoff payments and shared accounts.
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By GlobalDataFounded in 2015, Truebill claims that it has helped save more than $100m by identifying and cancelling useless subscriptions for over a million users.
Now, the startup aims to move from a subscription management service to a personal financial management app.
Truebill CEO Haroon Mokhtarzada said: “It was not until we began hearing from our customers that we really woke up to the scale of the challenge ahead of us.
“We realized, it is not just that managing subscriptions is hard, it is that managing money is hard. And so Truebill’s mission expanded.
“We set a goal and wrote it on the wall: to meaningfully improve the financial health of millions of people.”
Truebill CRO Yahya Mokhtarzada said: “People became aware of the need to have some cushion. You should start saving when things are going well, before you need it.
“We have seen a big bump in smart savings adoption, which is at an all-time high.”
Earlier this month, Tinkoff Bank-backed mobile banking outfit Vivid Money raked in $17.6m Series A funding round to drive growth.
Last month, US-based mobile banking startup Jiko received $40m in a Series A funding round to launch its platform and expand its presence.
