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Truebill raises $45m for PFM app

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.

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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