NEW YORK--(BUSINESS WIRE)--Clarity Money, a personal finance app that acts as the “Champion of Your Money,” today announced an $11 million Series B funding round led by RRE Ventures and Citi Ventures.
This financing comes just three months after Clarity Money launched its product and eight months after raising a $3.5 million Series A, bringing the total raised by the company to $14.5 million. Existing investors in Clarity Money include Bessemer Venture Partners, Soros Capital, RRE Ventures and Maveron Ventures. Clarity Money is led by serial entrepreneur Adam Dell, who has started several companies, including MessageOne, which was acquired by Dell (DVMT), and Buzzsaw, which was acquired by Autodesk (ADSK). Mr. Dell has invested in a number of early stage companies as a venture capitalist, including OpenTable (PCLN), Ingenio (T), Greenplum (EMC) and HotJobs (YHOO).
"Clarity Money's app is not just another personal financial manager," said Stuart Ellman of RRE Ventures. "Clarity leverages artificial intelligence and insights to deliver on the promise of true financial advocacy and empowerment for everyone. We have backed Adam Dell in the past and are impressed with the phenomenal team he has brought together to tackle this immense opportunity."
“The future of financial services will be transformed by those who can successfully leverage APIs to connect consumers with best-of-breed providers,” said Luis Valdich, Managing Director at Citi Ventures. “Citi Ventures is pleased to support Clarity Money, which is committed to responsible finance and is empowering consumers via APIs with actionable insights and third-party products that can help improve their financial health.”
Since its launch in January 2017, Clarity Money has analyzed over $10 billion in transactions for customers, and has saved, on average, $300 per customer who have taken advantage of Clarity Money’s subscription cancellation service.
“Clarity Money is honored to have attracted such a stellar group of investors who support our mission of empowering Americans to take control of their finances,” said Dell, founder and CEO. “In just 90 days, over 100,000 people have seen the power of Clarity Money. This additional financing enables us to expand our team and capabilities, at a time when consumers need a financial advocate more than ever.”
Beyond its team of technology industry veterans, Clarity Money provides its users with objective financial advocacy through its Customer Advisory Council, which includes financial experts Niall Ferguson, a Laurence A. Tisch Professor of History at Harvard University, Erich Ringewald, the Chief Technical Architect at American Express, and Dan Ariely, the James B. Duke Professor of Psychology and Behavioral Economics at Duke University.
ABOUT CLARITY MONEY
Clarity Money is a personal finance management app that acts as your financial champion. Ushering in a new era of personal finance management and advocacy, Clarity Money uses artificial intelligence and data science to help consumers make smarter financial decisions and get the most from their money. The revolutionary features allow users to cancel and lower bills, get a better credit card, create a savings account and manage their finances, all from within the app, and all at the push of a button. Clarity Money is backed by leading technology and financial investors, including Bessemer Venture Partners, RRE Ventures, Maveron and Citi Ventures.
ABOUT RRE VENTURES
RRE Ventures is a New York-based venture capital firm that makes early stage investments, including seed. In its 23 year history, RRE has backed companies such as 8i, Bark & Co, Business Insider, Buzzfeed, Clearpath Robotics, Concur, Giphy, Makerbot, Managed by Q, Proofpoint, Spaceflight, theSkimm, Venmo, Vine and Wisdom Tree. RRE has raised seven funds with total capital commitments of $1.5 billion. RRE Ventures invests nationally across all sectors, with a current focus on Enterprise Software, Financial Services, Media, Robotics, VR/AR, Space & Satellites, AI/ML, Real Estate Technology, and Healthcare IT.
ABOUT CITI VENTURES
Citi Ventures accelerates innovation at Citi through a strategic focus on investing in, piloting and commercializing new solutions with the potential to transform the future of financial services. Headquartered in Silicon Valley with offices in San Francisco and New York, Citi Ventures aims to cultivate next-generation experiences for Citi's customers by investing in startups, experimenting with new technologies through its global lab network, and driving enterprise-wide, lean startup-based growth initiatives across Citi's businesses. The team focuses in five key areas: Financial Services & Technology, Commerce & Payments, Security & Enterprise IT, Data Analytics & Machine Intelligence, and Marketing & Customer Experience. Citi Ventures accelerates its portfolio companies' ability to scale through collaboration with Citi's global businesses and industry experts. For more information visit: http://ventures.citi.com/
