Truebill Puts $45M Series D To Work Helping People Take Control Of Personal Finances – Crunchbase News

Six months after personal finance app Truebill launched a $17m Series C, it is backing demand for its services with $45m Series D funding to give it a $500m valuation , Yahya Mokhtarzada, co-founder and Chief Revenue Officer, told Crunchbase News.

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The Maryland-based platform, founded in 2015, provides money management tools to give users greater visibility and control over their money with the goal of improving their financial health. These include finding and canceling unnecessary subscriptions, expense information, bill negotiation, credit reports, budgeting, and payday advance.

This time around, Accel led the round and was joined by existing backers Bessemer Venture Partners, who led Series C, Cota Capital and Eldridge Industries. The new funding brings Truebill’s total funding to $85 million, according to the company.

Inside the D-Series

Since November, Truebill has grown rapidly, earning 3.5x year-over-year revenue growth and more than doubling its workforce to more than 100 people, Mokhtarzada said.

“We’ve built a product roadmap and offer features that no one else approaches from a personal financial toolset,” he added.

Although still fresh from Series C, Mokhtarzada noted that there was “tremendous inbound interest” from investors who wanted to get involved. Mokhtarzada, who launched Truebill with his brothers, co-founder and CEO Haroon Mokhtarzada, and CTO Idris Mokhtarzada, were considering whether to opt for a growth fund or a traditional venture capital fund.

“The timing seemed right because the market was hot,” he said. “We discussed that if we took more capital, what we would do with it. We made a list, and she reaffirmed our belief that we should speed up.

“The chance to bring Accel in was attractive,” added Mokhtarzada. “We are really pleased with the caliber of Accel. Looking at the opportunity, we thought there was an advantage to bringing in a traditional company that would be more involved, put in more resources and give more advice on how to achieve a valuation over $1 billion. dollars.

At Accel, the feeling is mutual. Fintech has been a theme for the start-up and growth company for some time, and it has been drawn to the strong engagement of consumers managing their financial lives through Truebill, partner Nate Niparko said in an interview.

He said the business has hit its stride and is growing exponentially, but with the size of the opportunity and the number of people Truebill can reach, it’s only a fragment so far.

“We believe a great company is being built,” he said. “This is ‘day one’ for Truebill in terms of what they have in store to be the pulse and lifeline of how people manage their financial lives. There is a lot of fragmentation among the offers. Our financial lives are spreading out and Truebill is the glue that holds it all together.

Growth

In addition to revenue and employee growth, Truebill’s active user base has grown from 1 million to 2 million and now analyzes over 200 million monthly transactions for over $40 billion in monthly trading volume.

Mokhtarzada intends to use the new funding to grow the company’s data science and machine learning team. By keeping an eye on the financial forecast, Truebill will provide insight into when a user’s account will be overdrawn and can then either withdraw money from another account or float the funds to their account. next paycheque.

Other new features being developed include tracking assets and debt over time to provide actionable insights for improvement, an autopilot feature that will generate savings in the background, and a platform. -web form. He also discussed a future “growth tab”, which will provide real-time financial status – a complete picture of finances, credit score, etc. from someone, all in one place.

Mokhtarzada also believes the company is on the verge of creating a proper brand to make Truebill a household name. To achieve this goal, part of the funding will be dedicated to intensive advertising via podcasts/influencers, billboards and television, in addition to the promotions on social networks and search engines that the company is already doing, did he declare.

Illustration: Dom Guzman