Silver Spring’s Truebill Raises Additional $45 Million in New Funding Round

Silver Spring-based Truebill, a personal finance app, has raised $45 million in a Series D round of funding for a total of $85 million the company has raised since its founding in 2011.

The funding, led by Accel with participation from existing backers Bessemer Venture Partners, Cota Capital and Eldridge Industries, will allow the company “to expand its platform of financial management tools to give users more visibility and control of their money,” according to a press release.

The new features the company has added include:

  • Complete tracking of assets and debt over time with actionable insights to improve
  • An AI-powered automated savings tool that effortlessly builds savings while keeping cash flow healthy
  • Web platform as the company brings its set of personal finance tools to the web.

“More than 10,000 members sign up for Truebill every day seeking to better understand and improve their finances,” said Haroon Mokhtarzada, co-founder and CEO, in the release. “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.”

The financing round also will allow Truebill to expand its workforce.

“Truebill just crossed 100 employees and continues to expand rapidly. Our hiring today is focused on roles in data science & machine learning, engineering, and marketing,” Yahya Mokhtarzada, co-founder and the company’s chief revenue officer said in an email to the Source.  “We’re also hiring for customer support and operations as needed to help support the growing user base.”

The company was founded in San Francisco by brothers Haroon, Yahya and Idris Mokhtarzada, all former students at Montgomery Blair High School. They relocated their headquarters to the Silver Spring Centre at 8455 Colesville Rd. in 2019.

In addition to the new features, Truebill provides its customers with the following:

  • Subscription management that automatically finds and cancels unnecessary subscriptions 
  • Spending insights with a complete spending report by tracking and automatically categorizing spend across all accounts in one place
  • Bill negotiation to find the best rates possible on services like cable and cell phone service on behalf of its members 
  • Budgeting tools to build and maintain a healthy monthly budget, and
  • Credit reports with intuitive reporting of credit scores and factors with alerts, full report, and education.

The app is consistently ranked a top 30 finance app in the iOS App Store.

Graphic of new web platform courtesy Truebill

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