Wesabe closes $4m financing

Wesabe closes $4m financing

Wesabe, an online personal finance aggregation portal, has raised $4 million in a series a funding round led by new investor Union Square Ventures (USV) and including existing investor O'Reilly AlphaTech Ventures.

California-based Wesabe launched its Web-based financial management service in November 2006. The Web site aggregates and analyses financial transaction data from members' bank and credit card accounts and delivers customised, money-saving tips based on actual purchases.

The company says it plans to use the new funding to expand product development and marketing.

"We'll be able to add new features at a faster pace and start really putting our massive transaction database to work for our members," says Jason Knight, CEO and co-founder of Wesabe. "In addition, this round will allow us to introduce Wesabe to more people and explore partnership opportunities."

Following the funding, Brad Burnham, USV partner, has joined the company's board of directors

O'Reilly AlphaTech Ventures was the lead seed round investor in Wesabe.

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