Personal finance app Albert has secured $50m in its Series B funding round which was led by CapitalG.
Additional contributions came from existing investors of Albert.
The fresh funds will be used to help Albert develop its platform including the expansion of its automation and human financial guidance.
Launched in 2016, Albert aims to be a holistic, mobile advisor for Americans helping them to improve their financial situation. Customers pay what they find fair for advice on Albert, with a minimum of $4 a month, and they can chat directly with a financial expert on any money topic, build a personalised financial plan and access automated investing.
There are also free features on Albert including, automatic savings, financial health monitoring, budgeting and detailed spending reports and cash advances on paychecks.
It claims its average customer has an income of $50,000 a year and lives paycheck to paycheck, making it tough to build financial security for themselves.
Over the past year, the FinTech has released a number of additional products including streamlined investing, an improved budgeting feature and expanding its coverage service. To support all of its new developments, the company doubled the size of its team.
Copyright © 2020 FinTech Global
