Albert pockets $2.5m for savings app

Financial advice app Albert has raised $2.5m in a seed funding round from 500 Startups and 500 Fintech as well as Bessemer Ventures Partners and CFSI (Center for Financial Services Innovation).

Albert’s app is designed to aggregate all a user’s financial data into one location and offer advice on everyday spending and encourage saving.

The Los Angeles-based company says it aims to improve the financial health of the 47% of American families who say they cannot afford an unexpected $400 expense, according to the Federal Reserve.

The company generates revenue through partnerships and referral to other financial services firms such as loan providers and insurers.

The company competes with a number of other financial advice apps such as GV-backed Digit, Northzone-backed Qapital and fellow 500 Startups portfolio company Plum.

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