Albert creates $2.5 million for its finance app that helps you save money

Albert creates $2.5 million for its finance app that helps you save money

Everyone knows the basics of how to improve their financial health: put fund into savings, track your spending, reduce your indebtednes, look for ways to save on your monthly bills, and attain smart investments. Where people fight is translating that knowledge into specific actions you can take today. Thats where an application called Albert steps into help. The startup, which has now closed on $2.5 million in seed fund, offers a simpleway to track your finances as wellas personalized recommendations aimed at boostingyour overall financial standing.

The funding comes from Bessemer Ventures Partners, CFSI( Center for Financial Service Innovation ), 500 Startups, and 500 Fintech, and others. It arrivesshortly after the apps launch earlier this summer.

Albert was co-founded by former college friendsYinon Ravid and Andrzej Baraniak, who both previously held careers in financial services.

Aimed largely at younger, mobile users, Albert is not a mobile banking application, like Simple. If anything, it operates more like Mint, in the sense that it aggregates your fiscal data into a single destination, including bank account, credit cards, property, loans and investments.

Where it differs from a service like Mint is that its more narrowly focusedon offering fiscal adviceand encouraging you to make changes, while also helping you track your everyday spending and budget.

And whenit offers tips, it pushesyou to actually set them into action.

For example, Albert may suggest that you need to start a savings account.

The vast majority of people between the ages of 20 and 40 dont actually save money they actually spend more than theyve have been achieved in the last three months, explains Ravid. So one of the first pieces of advice we devote is to save a few dollars to grow your emergency fund.

Albert thenhelps you get this fund started by transferring moneyautomatically from your bank Albert Savings, its FDIC-insured savings accountthat lives immediately in the app.

This idea of automating your finances is something several other mobile apps in the broader fintech space have also implemented, like savings apps Digit or Qapital and expending apps like Stash Invest and Acorns. Meanwhile, in terms of offering a birds-eye position of your finances, Albert is up against apps like Level Money or Prosper Daily. Others still, like LearnVest, is also intended to teach you how to take charge of your finances by offering personal advice.

Albert, however, takes all those concepts and places them into a single destination.

In addition to helping you save, Albert may also indicate things like applying fora lower-interest loan be paid by charge card debt, reducing your car insurance pays by changing insurers, or making investments.




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