Finance app Truebill announced it has raised $5 million in Series A funding and launched a variety of new capabilities.
Investors in the funding round include Cota Capital, Social Capital, Day One Ventures, David Marcus (head of blockchain at Facebook and former president of PayPal), Neil Blumenthal (co-founder of Warby Parker), Dave Gilboa (co-founder of Warby Parker), Jawed Karim (co-founder of YouTube), Troy Carter (partner at Cross Culture Ventures), Marc Katz (co-founder of Custom Ink), Hiten Shah (co-founder of Crazy Egg and KISSmetrics), among others.
The company also named a new CEO, Haroon Mokhtarzada, who co-founded Truebill with his brothers, Yahya and Idris Mokhtarzada. Launched as a mobile app to get consumers refunds on unwanted subscriptions, Truebill now aims to simplify and automate a consumer's entire financial life.
“When we started Truebill, we initially set out to help users combat inefficiency and unwanted charges,” said Mokhtarzada in a press release. “Now as we move to our next stage, we want to give consumers peace of mind and effortless control over their financials. Our full focus today is on continuing to build Truebill into a platform that lets you easily and efficiently run your finances.”
In addition, Truebill has recently added a suite of new capabilities to move the app closer to full financial management, including Smart Savings, which will allow users to automatically withdraw funds to save toward a desired goals, such as a vacation or new home. In addition, the Automated Outage Credits feature will ensure that Truebill customers are credited by telecom companies for service outages that occur each month, while Bill Negotiation will have Truebill work with billers (e.g. phone, electricity, etc.) to negotiate the best rate on the user’s behalf. Wholistic Bill Tracking offers a complete view of all recurring bills and subscriptions in one dashboard.
"Truebill's founders have a track record proving they know how to successfully scale a consumer product, which they demonstrated with Webs.com," said Troy Carter, Partner at Cross Culture Ventures. "With the combination of the app's existing traction, combined with the team's expertise and product roadmap, Truebill is in a great position to usher in a new paradigm for helping people run their daily finances."