Silver Spring personal finance startup Truebill just landed a $45M Series D raise

Silver Spring, located in Maryland truebill raised $45 million in a Series D round led by Accelthe company announced on Tuesday. Venture investors, including: Bessemer Venture Partners, capital Cota and Eldridge Industries also participated in the financing round.

Truebill, a personal finance mobile app, uses artificial intelligence to track and analyze spending patterns to help users better manage their finances. It also allows users to track and cancel subscriptions, and negotiate discounts on phone and cable bills. Co-founder and CRO Yahya Mokhtarzada told that the company’s total valuation has now reached more than $500 million.

With the new round, the company has raised $85 million so far. Mokhtarzada said Truebill wasn’t really looking for a raise, but had such a strong period of growth in the first quarter that it was starting to get some interest from investors. The new funding will be used for recruitment, mainly on the technical side, but also for marketing, operations and customer support.

In addition, Mokhtarzada said, the funding will also be used to invest in data science, allowing the company to expand its machine learning capabilities. Truebill eventually plans to use machine learning to predict and prevent things like overdrafts before they happen.

“Of course it is very easy to tell someone that they have paid too much, but what is much more difficult is to accurately anticipate that two, three days or even five days in advance,” Mokhtarzada said. “And then the other piece is, if you can anticipate that, can you prevent it?”

Recently, Truebill has added tools that allow users to see spending insights, create a monthly budget, track that budget from within the app, and view credit reports. It is currently developing a wealth management dashboard for centralized viewing of assets and debts, with a holistic net worth tracking feature to be launched in the coming month.

CEO of Truebill Haroon Mokhtarzada said more than 10,000 members sign up for the financial service every day.

“With this new capital, we are transforming Truebill into an all-in-one, holistic platform that makes it easy for members to not only manage subscriptions and expenses, but also optimize their savings and make informed decisions to improve their financial health. Mokhtarzada said in a statement. “Truebill is quickly becoming the most valuable financial membership for everyday consumers.”

Truebill CEO Haroon Mokhtarzada (courtesy of photo)

The Series D increase is the latest in Truebill’s rapid growth since its inception in 2015. CrunchBase News reported that the company has posted 3.5x annualized revenue growth since November and has doubled its team to more than 100 people. It also grew its user base from 1 million to 2 million, the outlet reported.

Yahya Mokhtarzada said Truebill has expanded its marketing efforts to include ads in apps such as: Tick ​​Tock, reddit and snapchat, in addition to brand advertising that led to growth. However, he added that additional growth is mainly due to the financial focus of many people in 2020.

“In the past year, people have been really forced to be more careful with their money and get rid of inefficiencies,” Mokhtarzada said. “And Truebill is just a great tool for that.”

The company also raised a cool $17 million in Series C financing in November, which also includes participation from Bessemer, Elridge and Cota Capital, as well as Firebolt Enterprises and Day one companies. At the time, it planned to use the funding to develop new products, including debt servicing, net worth tracking, savings app features and shared membership for joint accounts.


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