Truebill puts $45 million Series D to work to help people take control of their personal finances

Six months after personal finance app Truebill generated a $17 million Series C round, it backs demand for its services with $45 million in Series D funding to give it a $500 million valuation, Yahya Mokhtarzada , co-founder and chief revenue officer, told Crunchbase News.

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The Maryland-based platform, founded in 2015, provides financial management tools to allow users greater visibility and control of their money in an effort to improve their financial health. These include finding and canceling unnecessary subscriptions, spending information, bill negotiation, credit reporting, budgeting, and advance payments.

This time Accel led the round and was joined by existing backers Bessemer Venture Partners, who led the Series C, Cota Capital and Eldridge Industries. The new funding brings Truebill’s total funding to $85 million, according to the company.

Inside the D Series

Since November, Truebill has grown at a rapid pace, posting 3.5x year-over-year revenue growth and more than doubling its headcount to more than 100 people, Mokhtarzada said.

“We have created a product roadmap and are offering features that no one else is addressing from a personal financial toolkit,” he added.

Although still fresh out of Series C, Mokhtarzada noted that there was “a lot of incoming interest” from investors who wanted to get involved. Mokhtarzada, who started Truebill with his brothers, co-founder and CEO Haroon Mokhtarzada, and chief technology officer Idris Mokhtarzada, considered opting for a growth fund or a traditional venture capital fund.

“The timing seemed right as the market was hot,” he said. “We discussed that if we took more capital, what would we do with it. We made a list and it reaffirmed our belief that we must accelerate.

“The opportunity to bring Accel on board was attractive,” Mokhtarzada added. “We are really pleased with the caliber of Accel. As we looked at the opportunity, we thought there was a benefit to going with a traditional company that would be more involved, invest more resources, and provide more guidance on how to get to a $1 billion+ valuation.”

At Accel, the feeling is mutual. Fintech has been a theme for the early-stage and growing company for a while, and it was drawn to the high engagement of consumers managing their financial lives through Truebill, partner Nate Niparko said in an interview.

He said the business has caught up and is growing exponentially, but with the size of the opportunity and the number of people Truebill can touch, it’s just a sliver so far.

“We think a great business is being built,” he said. “This is ‘Day One’ for Truebill as it relates to what they have in store to be the pulse and lifeline of how people manage their financial lives. There is a lot of fragmentation between offers. Our financial lives are falling apart and Truebill is the glue that holds it all together.”


In addition to revenue and employee growth, Truebill’s active user base grew from 1 million to 2 million and is now analyzing more than 200 million monthly transactions for more than $40 billion in monthly transaction volume.

Mokhtarzada intends to use the new funding to grow the company’s data science and machine learning team. With an eye on financial prediction, Truebill will provide information on when a user’s account will become overdrawn and can then withdraw money from another account or transfer the funds until their next paycheck.

Other new features in the works include asset and debt tracking over time to provide actionable insights for improvement, an autopilot feature that will generate savings in the background, and a web platform. He also talked about a future “growth tab,” which will provide real-time financial status: a complete picture of finances, credit score, and so on. from someone, all in one place.

Mokhtarzada also believes the company is at the point now where it can get into real brand building to make Truebill a household name. To further that goal, some of the funds will go toward heavy advertising through podcasts/influencers, billboards and television, in addition to the social media and search engine promotions the company is already running, he said.

Illustration: Dom Guzman

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