Clarity Money, the personal finance app, has reportedly raised $11 million in venture capital funding, which it will use to expand its team and offerings.
According to a report, RRE Ventures and Citi Ventures led the Series B round of funding. With the latest round of funding Clarity Money has raised a total of $14.5 million in venture capital funding.
“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,” Adam Dell, founder and CEO of Clarity Money, said in the report. Since launching in January of this year, Clarity Money says it analyzed more than $10 billion in transactions and saved customers an average of $300 by taking advantage of the app’s subscription cancellation feature.
“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, in the same release. “Citi Ventures is pleased to support Clarity Money, which is committed to responsible finance and 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 analyzed over $10 billion in transactions and has saved, on average, $300 per customer who have taken advantage of the app’s subscription cancellation service. Venture capitalist and serial entrepreneur Dell announced in October Clarity Money, a new personal finance mobile app that acts as consumers’ advocate. Clarity Money ushers in a new era of mobile personal finance management apps that use artificial intelligence and data science to help consumers make smarter financial decisions. Consumers can now have a single mobile app that improves all aspects of their financial life, from getting a lower interest rate credit card to lowering bills.