After analyzing $290 billion in spending, Truebill surpasses $50 million in total savings for people
- Truebill has secured $15 million in Series B financing.
- The company plans to roll out three new products this Fall.
Since launching in 2015, Truebill has matured from an app that helps people track and cancel subscriptions to a platform for personal financial management.
- Truebill saves its users an average of $500/year with total savings surpassing more than $50 million, and the company has analyzed nearly $290 billion in financial transactions
- Once a user connects her accounts, the app can cancel unwanted subscriptions, lower bills, and help reach savings goals.
- Truebill scans user spending, analyzes and categorizes it, and automatically detects subscriptions and bills. Truebill displays this information in a list view and on a calendar. Users can then take actions like canceling subscriptions, creating budgets, and saving for future goals.
- Earlier this year, Truebill launched Smart Savings, a budgeting tool.
Truebill also announced it has secured $15 million in Series B funding.
- The round was led by Eldridge Industries with participation from Evolution VC, and many of its existing Series A investors including Cota Capital, Lucas Venture Group, and Jawed Karim, the co-founder of YouTube.
- The company plans to use the proceeds to execute on its vision to become a comprehensive platform for people to understand, manage, and improve their financial health, which includes the launch of new products and opening a new headquarters in Washington D.C.
- The company will retain its original office in San Francisco.
This Fall, Truebill will launch three new products:
- Bill Pay: The ability to view bill PDFs and easily pay bills within Truebill from one central place.
- Credit Scores: View, track, and monitor credit score and credit report from the Truebill app.
- Truebill Rewards Program: A rewards program that increases savings bonuses based on behavior.
“Today’s financial apps have largely focused on point-solutions, addressing only individual aspects of financial health. We believe there’s an opportunity to consolidate the multiple dimensions of financial management into one comprehensive app, giving people total control over their financial lives,” said Haroon Mokhtarzada, founder and chief executive officer at Truebill.
Because Truebill aggregates consumer spending data, the firm knows the most popular subscriptions its users pay for and the most frequently canceled subscriptions, as well.
- The top three most popular subscriptions are Amazon Prime, Netflix and Hulu.
- The top three canceled subscriptions are Amazon Prime, Probiller, Audible.