Kirkland-based savings startup SecureSave has raised $11 million.
The round, announced Wednesday, brings the company's total funding to date to $14.7 million. SecureSave co-founder and CEO Devin Miller said the company currently has a headcount of about 25 people, but SecureSave doesn't have specific hiring targets for the next year.
"Our business is very simple and very focused. We don't have to hire to expand," Miller said. "I would expect if we're going to grow, it's going to be in product and engineering."
Despite calling Kirkland its headquarters, SecureSave doesn't have permanent office space. According to Miller, the company does use coworking space and host company off-sites, but SecureSave doesn't plan to add permanent office space. He added that most of the employees are based in the Seattle area.
SecureSave works with employers to offer emergency savings accounts to employees as part of their benefits. The savings are withdrawn post-tax so employees can access the funds without difficult paperwork or penalties. Miller said he expects the product to catch on much like the popularity of health savings accounts. SecureSave works with the NBA's San Antonio Spurs and the Service Employees International Union.
The company was founded in 2020. Miller, a 2018 Business Journal 40 Under 40 honoree, sold his previous startup, Balance Financial, to Blucora's TaxAct in 2013. Bassam Saliba, co-founder and chief technology officer, was formerly the WebMD senior vice president of technology and platform strategy. Early last year, SecureSave announced Suze Orman, the TV personality and New York Times bestselling author, as a co-founder as well.
Truist Ventures, the venture capital arm of Truist Bank, led the round. Stearns Financial Services, FTX and others participated. Truist has also invested in the teen banking app Greenlight and the payment company Payrailz.
"We'll be announcing product partnerships with (Truist and Stearns) in the coming months," Miller said. "The reason why they were excited to invest actually started with more of a product-based partnership."
