Truebill Announces $1.4 Million Funding
Four months ago, we launched Truebill out of Y Combinator’s W16 batch with the mission to transform the way consumers access and control all of their paid subscriptions and recurring bills. Far too common were the remarks, “I had no idea I was getting charged for this!” or “I forgot to cancel that free trial!” We set out to build a simple but equally beautiful and powerful way to manage all your paid subscriptions in one place, and provide the tools we need to easily eliminate illegitimate subscriptions from reappearing on our bills.
Truebill just cancelled a subscription for me that’s been plaguing me for months. These guys kick ass (SaaS?) – @traviskimmel
We’re thrilled to announce today that we’ve raised a combined $1.75 million in seed funding from investors including David Baggett (Founder, ITA Software), Ellen Pao (former CEO, Reddit), Josh Goldman (Partner, Norwest Ventures), Social Capital, Sherpa Capital, and Transmedia Capital, who will join an already humbling group of investors including David Marcus (VP Messaging Products, Facebook), Hiten Shah (Founder, KissMetrics), Signatures Capital and YCombinator. You can read the full press release here.
We’re excited to expand our group of advisors and invest in the growth of Truebill. Here’s what we accomplished so far, what we’ve learned from millions of subscription transactions, and what you can expect to see from our team over the coming months.
- Truebill now has over 40,000 users across 132 countries
- Truebill is now tracking over $100 million in annual subscriptions
- Truebill has linked to over 1400 banking institutions
- Truebill has identified thousands of subscription services and recurring bills
- Truebill launched a redesigned dashboard and interface
The way we spend money on goods and services is evolving. We’ve seen the average number of subscriptions double to 10 per person, up nearly 50% from 18 months ago. And with Apple’s recent announcement for new subscription-based payment options for apps, we expect to see that number skyrocket over the coming years.
The average user on Truebill saves over $500 per year by cancelling unwanted subscription services. Netflix, Amazon Prime and AT&T are the among the most popular subscriptions. Unsurprisingly, credit monitoring services including Score Sense, Instant Checkmate, and CreditExpert were among the top 20 most cancelled subscriptions on Truebill. For those unfamiliar, you can use Truebill to request to cancel any unwanted paid subscriptions, and we’ll take care of the process for you, for free.
As a startup CEO, this is one of the most exciting time in our company history. We’re going to invest in hiring the brightest talent and build new products that will help us reach our goals. Our success will be made possible thanks to your ongoing support and feedback. Please email us at firstname.lastname@example.org to share your stories and build a better Truebill.
Thank you and happy saving!