Financial services startup Albert has raised $100 million in a Series C funding round led by General Atlantic, the company announced on Tuesday (Jan. 26).
Other investors include Alphabet’s independent growth fund CapitalG, Portag3 and QED. The round brings the company’s total funding to date to $173 million. The new funding will be earmarked to advance the company’s product offerings and its mission to improve financial wellness for consumers.
“Since our launch in 2016, more than 5 million people have trusted Albert with improving their financial health. They’ve saved up over $500 million for rainy days and new apartments, and texted 10 million times with our Genius team of real, human finance experts,” Albert Co-Founder and CEO Yinon Ravid said in a blog post on Medium.
Headquartered in Los Angeles, Albert aims to develop new financial services to change how people manage, save, invest and think about their money. It says it offers financial advice from a team of experts at affordable prices.
“We’ll soon have even more to share about exciting new product launches on the horizon as we continue to deepen our set of financial wellness tools. We envision a world in which no one, regardless of income or net worth, has to worry about making the wrong financial decision,” the company said.
Albert strives to automate a user’s entire financial life, using software that builds up savings, makes investments and helps people sidestep overdraft fees.
Americans are not known for their financial literacy, with 6 out of 10 consumers surveyed in June by PYMNTS indicating that they lived paycheck to paycheck.
The late March survey by PYMNTS showed that 45.4 percent of consumers had $2,500 or less in savings, while 15.6 percent had no savings at all.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More