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Fintech Startup Truebill Raises $45m for PFM App

 

Personal finance app Truebill has raised $45 million in a Series D funding round led by Accel and joined by Bessemer Venture Partners, Cota Capital and Eldridge Industries.

Founded in 2015 as a subscriptions management tool, Truebill has helped over a million people save more than $100 million through identifying and cancelling unwanted subscriptions, lowering their bills, and getting them refunds on fees and outages.

In November, with Covid-19 hitting the finances of many Americans, the firm signalled its intent to become a full-blown PFM app. Since then, Truebill’s active userbase has grown from one million to two million, while revenues have tripled in the last year.

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With the new funding in place, the new features are set to be rolled out, giving users complete tracking of assets and debt over time with actionable insights; an AI-powered automated savings tool; and a Web platform to complement the app.

Haroon Mokhtarzada, CEO, Truebill, says: “With this new capital, we’re transforming Truebill into an all-in-one, holistic platform that makes it easy for members to not only manage subscriptions and spending but also optimise their savings and make informed decisions to improve their financial health.”

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