Silver Spring Company Closes on $17 Million Funding Round

Truebill, a Silver Spring financial services company founded by three brothers who attended Montgomery Blair High School, today announced the company has closed on a $17 million Series 3 round of funding.

The funding was led by Bessemer Venture Partners, with existing investors Eldridge Industries, Cota Capital, Firebolt Ventures, and Day One Ventures participating as well. This round brings the total amount the company has raised to $40 million.

CEO Haroon Mokhtarzada, who founded Truebill in 2011 with brothers Yahya and Idris, made the announcement in a post on the company’s blog.

In addition, Mokhtarzada announced the development of several new products:

  • Net worth tracking to help visualize users debt and assets, along with customized recommendations to improve their financial health
  • A Smart Savings feature to guide customers through key savings milestones, and
  • A debt-payoff product that automates the process of paying down debt.

In addition, the company will roll out a feature that will allow premium members to share budgets, spending and savings plans with a partner.

The company was founded in 2011 with the idea of helping people track subscriptions and managing bills, providing services to cancel unused or unwanted subscriptions and negotiating for them to lower bills from services such as mobile phone or cable providers.

Truebill moved its headquarters from San Francisco to Silver Spring in October 2019.

Photo courtesy Truebill Inc.

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