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With this new funding, the company plans to launch three new products this fall; Bill Pay, Credit Scores, and a Truebill Rewards Program and evolve to become a comprehensive platform for people to understand, manage, and improve their financial health.
FREMONT, CA: Washington-based personal finance management platform, Truebill, raised USD 15 million in a Series B funding round led by Eldridge Industries with participation from Evolution VC, and many of its existing Series A investors including Cota Capital, Lucas Venture Group, and Jawed Karim, the co-founder of YouTube.
With this new funding, the company plans to launch three new products this fall; Bill Pay, Credit Scores, and a Truebill Rewards Program and evolve to become a comprehensive platform for people to understand, manage, and improve their financial health. With this funding, the total value of the startup has reached USD 21.9 million.
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Truebill essentially helps users track their subscriptions and recurring expenses. And it allows users to cancel those subscriptions. This service will be crucial as subscription-based, and SaaS companies are becoming ubiquitous. New capabilities will also be added, such as automated budgeting, automated saving, and bill negotiation. Plus it will also launch bill pay, credit score monitoring, and a rewards system.
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Truebill has a total subscription of 500,000 active users. The initial product is free, after which users can pay a price of their choosing for premium features like custom budget categories. The company also takes a cut of the savings when it negotiates lower bills. "The other half is, if you look at the App Store, it's filled with single-point solutions. As your financial life gets more sophisticated and complex, the consumer is ending up with five or more different point solutions. All of that needs to be consolidated into one place,” said Yahya Mokhtarzada, Chief Revenue Officer, Truebill.
Truebill’s founders include Yahya Mokhtarzada along with his brothers Haroon Mokhtarzada and Idris Mokhtarzada. The Mokhtarzada brothers were also previously the co-founders and executives at Webs.com. Recently, Truebill opened a new headquarters location in Silver Spring, Maryland. The company also has an office in San Francisco.
“San Francisco obviously has a very competitive market — it’s harder to hire and very difficult to retain talent,” Mokhtarzada added. “With the D.C. area, it feels like we’ve found an untapped market, with very talented engineers working for the government, working in an area of technology that’s not very exciting for them.”
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