Truebill raises $45 million for its personal finance app

Personal finance startup Truebill has raised a $45 million Series D funding round led by Accel. This comes just a few months after the company raised a $17 million Series C. Overall, the startup has raised $85 million since its creation.

Existing investors Bessemer Venture Partners, Cota Capital and Eldridge Industries are also participating in today’s funding round.

Truebill offers several tools to help people living in the U.S. take control of their finances. One of the app’s key features is that you can track all your subscriptions in one place. Users can also cancel unwanted subscriptions. For cell phone and cable bills, Truebill can negotiate a discount for you.

More recently, the startup has been adding features to turn the app into a financial companion. You can see spending insights, create a healthy monthly budget and track it from the app, view your credit reports and more.

Truebill also lets you put some money aside automatically. The company analyzes your accounts to save some money when you have some money left.

Now, the company is working on a wealth management dashboard that centralizes all your assets and debt. Wealth management is a bit tedious as you need to connect to every single pocket of money, otherwise you don’t see the full picture.

“More than 10,000 members sign up for Truebill every day seeking to better understand and improve their finances,” co-founder and CEO Haroon Mokhtarzada said in a statement. “With this new capital, 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 optimize their savings and make informed decisions to improve their financial health. Truebill is rapidly becoming the most valuable financial membership for everyday consumers.”

As you can see, the startup is growing at a rapid pace. The user base has doubled from 1 million to 2 million users since November 2020. The company analyzes $40 billion in monthly transaction volume.