Truebill, the first platform that lets users find, track, and manage their subscription services and recurring bills, has raised $15 million. The B Series round led by Eldridge Industries and witnessed the participation of Evolution VC and existing investors, including Cota Capital, Lucas Venture Group, and Jawed Karim, the co-founder of YouTube. Jawed Karim contributed $5 million in the round, according to Crunchbase report.
Truebill is known for its popular app that serves as a budget planner, bill tracker, and savings reminder. Launched in 2019 by Yahya Mokhtarzada and Idris Mokhtarzada, the application has helped many people to lower their expenses, avoid unnecessary online subscriptions, and to materialize the calculated savings.
Online space has turned many window shopping to real shopping as it is quite convenient and tempting. We spend a whole bunch of money to spend on unwanted things, and it wasn’t easy to calculate our overall spending and manage those expenses. Truebill made it easy with an unprecedented personal finance tool.
How Truebill Works?
To start using Truebill, the customer has to link the bank account with the app. By analyzing the user’s transaction history, it provides a complete picture of our expenses, including unwanted subscriptions, recurring bills, and so on. You can cancel the unwanted subscription with a swipe, and it provides a better plan to reach your savings goal.
Is Truebill Secure?
Of course, everyone has security concerns about the apps which ask to link the bank account. Truebill invests a large amount of money in ensuring account security. Bank-level 256-bit encryption also enhances security.
Truebill claims that it has saved $50 million for more than half a million users to date. According to Crunchbase, the startup has raised $21.9 million, and major investors include YCombinator, Social Capital, Sherpa Capital, and Transmedia Capital.
The new investment will reflect on Truebill’s upcoming three products: Bill Pay, Credit Scores, and a rewards program.
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