Personal finance app Clarity Money has raised a further $11 million in venture capital financing in a Series B round led by RRE Ventures and Citi Ventures.
The Clarity Money app capitalises on consumer intertia, prompting users to move their cash around to earn better returns and offering recommendations on ways to cut spending.
The new investment lands just three months after Clarity Money launched its product and eight months after raising a $3.5 million Series A, bringing the total raised by the company to $14.5 million.
“The future of financial services will be transformed by those who can successfully leverage APIs to connect consumers with best-of-breed providers,” says Luis Valdich, Citi Ventures MD. “Citi Ventures is pleased to support Clarity Money, which is committed to responsible finance and is empowering consumers via APIs with actionable insights and third-party products that can help improve their financial health.”
Since its launch in January 2017, Clarity Money claims to have analyed over $10 billion in transactions, and has saved, on average, $300 per customer who have taken advantage of app's subscription cancellation service.
Adam Dell, founder and CEO, says: “In just 90 days, over 100,000 people have seen the power of Clarity Money. This additional financing enables us to expand our team and capabilities, at a time when consumers need a financial advocate more than ever.”