Silver Spring’s Truebill has raised another $45 million, more than doubling the personal finance startup’s lifetime funding — just six months after closing its last round.
The company said Tuesday it has closed its Series D round, led by Palo Alto, California-based Accel, to bring its total funding to date to $85 million. Existing investor Bessemer Venture Partners of San Francisco, which led Truebill’s $17 million raise in November, and San Francisco’s Cota Capital and Greenwich, Connecticut-based Eldridge Industries also participated.
The capital injection allows Truebill to execute plans it laid out last year, which involve becoming a one-stop shop to help users improve their financial health — and expanding its financial management tools to that end. New additions include asset and debt tracking to give a complete picture of net worth, an artificial intelligence system that automates savings, and a web platform that brings the app’s offerings online, among others.
The company already provides subscription management, spending insights, bill negotiation, budgeting and pay advance tools — and says those existing products have saved its users more than $100 million since 2016. The business has also more than tripled its revenue since 2019, Truebill chief revenue officer Yahya Mokhtarzada said in an email, declining to disclose exact figures. But the company has tripled revenue since March 2020 and, he said, 2021 “is already off to a very strong start.”
Truebill has also doubled its customer base to 2 million users over the past six months, reinforcing the need to continue its hiring spree. The company crossed the 100-employee mark at the end of May, Mokhtarzada said, after expressing an intention to reach between 120 and 140 people within a year of its Series C close in November. Truebill is now hiring for roles in engineering, marketing, data science and machine learning, as well as customer support and operations as its user base continues to grow, he said.
“We plan to continue expanding aggressively both in terms of users as well as at the product level,” Mokhtarzada said.
That pace won’t necessarily require more funding; the company is well-capitalized “for the foreseeable future,” Mokhtarzada said, though he’s not taking the option off the table. "We would consider taking more capital if we saw an opportunity to further accelerate,” he added.
Another big focus this year: building the brand. Truebill wants to become a household name, Mokhtarzada said, so the company has been expanding its marketing channels to include TV, podcasts and outdoor advertising.
Mokhtarzada started Truebill in 2015 with his brothers, Haroon and Idris, to simplify tracking and managing subscriptions and bills. But it’s evolved over time to negotiating bills, allowing customers to benefit from lower payments or one-time credits. There’s both a free version of the app and a premium option, for which customers pay a monthly amount they feel is right, as opposed to a set price, although most people pay between $3 and $12, Yahya Mokhtarzada told us in November.
Haroon Mokhtarzada is CEO of Truebill and Idris Mokhtarzada serves as its chief technology officer. The company launched in Silver Spring, then moved to Silicon Valley — only to move back again in 2019. The brothers previously founded Webs.com, which was acquired for $117.5 million by what was then Vistaprint in 2011.
