It’s easy to get caught up in a sea of subscriptions these days. You’re already on board with Netflix, Hulu, Disney+ and HBOMax. Last month you started paying top dollar for Tinder+ and then there’s your grocery delivery service, your nanny service, your dog walking service and the list goes on. Cutting down on your subscriptions is no small feat but personal finance startup Truebill has developed a platform to help its customers do just that.
The San Francisco-based company announced Tuesday that it raised $45 million in fresh financing to help its customers cultivate a new sense of financial wellness. The Series D round, led by Accel, comes just a few months following the company’s $17 million Series C.
Truebill has experienced exponential growth since the early onset of the pandemic. Not only has the company’s revenue tripled since March 2020 but its user base has doubled in size as well. The company serves over two million people.
Truebill got its start in 2015 as a subscription management platform but has since expanded to include a range of financial health tools. The company’s primary offering helps customers save money by leveraging its AI to identify and cancel any unwanted subscriptions.
The platform’s other tools help customers manage their budget, credit and keep track of bills. In recent months, the company introduced a net worth tracking tool which provides customers with the ability to visualize their debt and assets via in-app graphs.
“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,” Haroon Mokhtarzada, co-founder and CEO of Truebill, said in a statement.
Following the latest raise, the company will launch a web platform to complement its mobile app.
Truebill plans to invest in its team as well. The company is now hiring for dozens of open roles across its product, data, science, engineering and marketing departments. Since last November, Truebill has doubled the size of its staff to include over 100 employees.
In addition to its headquarters in San Francisco, Truebill has a significant presence in Silver Springs, Maryland. The company is hiring for a range of open positions at both locations and more than half of those listed are available to work remotely.
Truebill has raised $83.9 million in venture capital financing to date, according to Crunchbase.
Additional investors Bessemer Venture Partners, Cota Capital and Eldridge Industries participated in the round, among others.
