Clarity Money, a personal finance app that helps users save, invest and track finances, announced Thursday it raised an incremental $11 million Series B funding on top of the $3.5 million it raised eight months back.
New Money Infusion
The new round of financing has come three months after the company launched its product, with RRE Ventures and Citi Ventures being the latest investors to come on board. The company's existing shareholders include Bessemer Venture Partners, Soros Capital, RRE Ventures and Maveron Ventures.
Backed By A Serial Entrepreneur
Clarity Money was founded by serial entrepreneur Adam Dell, the brother of Dell founder Michael Dell. His previous ventures included MessageOne, which was acquired by Dell, and Buzzsaw, which was bought over by Autodesk, Inc. (NASDAQ: ADSK). In his capacity as a venture capitalist, Dell had also invested in a number of early stage companies such as OpenTable, Ingenio, Greenplum and HotJos, which have all since then been acquired by well know public companies.
How The App Works
The company's app uses machine learning and artificial intelligence for financial advocacy. Once downloaded, the iOS app can be linked with the checking and credit card accounts of users. The app has analyzed over $10 billion in transactions for customers, helping them save, on average, $300 per customer.
Some of the features of the app include the facility to cancel and lower bills, get a better credit card, create a savings account and manage their finances, all from within the app and all at the push of a button.
"Clarity Money is honored to have attracted such a stellar group of investors who support our mission of empowering Americans to take control of their finances," said Dell. "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."
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Image Credit: screenshot from Clarity Money
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