Personal finance app Clarity Money launched out of beta in January to help users take better control of their money. This week, just three months later, the company raised another $11 million in funding, bringing the startup’s total capital raised to $14.5 million.
Clarity Money was founded by serial entrepreneur Adam Dell, allowing users to cancel and lower their bills, receive loans, set up savings accounts, monitor daily spending, manage subscriptions and even apply for lower credit rates.
The app is powered by artificial intelligence and data science, and since its launch in January has analyzed over $10 billion in transactions and has helped each customer save an average of $300.
“A lot of personal finance platforms out there are good at giving you your financial history but don't give you the tools to fix your financial future,” said Clarity Money CEO and Founder Adam Dell. “Clarity Money is different in that we use machine learning and AI to identify actions our users can take to reduce spending or lower their costs. Our platform also offers the ability to cancel wasteful subscriptions and the option to negotiate bills. Clarity Money helps you take action to change your financial habits and aims to be your advocate. Our mission is to level the playing field and empower our consumers.”
The latest financing was led by RRE Ventures and Citi Ventures. The company plans on using the capital to expand the features within its platform, as well as expand to Android.
“Clarity Money's main focus is financial advocacy for our customers and we strive to be that advocate throughout their lives,” said Dell. “We'll continue to expand our services and global reach as we support our customers through their financial journeys.”
Images via Clarity Money.
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