Total amount raised
$175.6 Millions
Latest funding date
01/01/2021
Location
Albert has successfully raised significant funding from a diverse group of investors, including General Atlantic and QED. The platform offers a comprehensive suite of financial services, from budgeting and saving to investing and financial protection.
Keep reading to explore the intricacies of Albert's fundraising journey and the investors backing this innovative platform.
What Is Albert?
Albert, founded in 2015 by Andrzej Baraniak and Yinon Ravid, is a financial technology company based in Los Angeles, California. The company aims to democratize money management by making financial advice accessible and affordable.
Albert offers a comprehensive financial advisory platform that includes features like automatic savings, financial health monitoring, budgeting, detailed spending reports, and Albert Instant, which provides advances against paychecks to help avoid overdrafts. Customers can chat directly with financial experts and build personalized financial plans.
With a team of 101-250 employees, Albert provides a range of services such as automatic budgeting, banking services, investing in stocks and ETFs, and financial protection, including identity protection and fraud detection.
How Much Funding Has Albert Raised?
- Pre-Seed Round
- Amount Raised: $125K
- Date: December 2015
- Lead Investors: 500 Global
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Albert's financial advisory platform.
- Seed Round
- Amount Raised: $250K
- Date: June 2016
- Lead Investors: Financial Solutions Lab
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand initial user base.
- Seed Round
- Amount Raised: $2.5M
- Date: November 2016
- Lead Investors: 500 Global
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product features.
- Seed Round
- Amount Raised: $7.8M
- Date: May 2018
- Lead Investors: QED Investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate growth.
- Series A
- Amount Raised: $15M
- Date: December 2018
- Lead Investors: Portage Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and increase market penetration.
- Series B
- Amount Raised: $50M
- Date: March 2020
- Lead Investors: CapitalG
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and improve financial health tools.
- Series C
- Amount Raised: $100M
- Date: January 2021
- Lead Investors: General Atlantic
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and business reach.
Total Amount Raised: $175.675M. Current Valuation: Not publicly disclosed.
Key Investors
- General Atlantic
- Details: General Atlantic is a global growth equity firm providing capital and strategic support for growth companies. They focus on sectors such as technology, consumer, financial services, and healthcare.
- Investment Focus Areas: Technology, consumer, financial services, healthcare.
- Notable Investments: Airbnb, Alibaba, Uber.
- CapitalG
- Details: CapitalG is the growth equity investment fund of Alphabet Inc. (Google's parent company), focusing on later-stage technology companies. They provide strategic support and resources to help companies scale.
- Investment Focus Areas: Technology, data, AI, enterprise software.
- Notable Investments: Lyft, Stripe, Duolingo.
- Portage Ventures
- Details: Portage Ventures is a venture capital firm specializing in early and growth-stage investments in the financial technology sector. They aim to support innovative companies that are transforming financial services.
- Investment Focus Areas: Financial technology, financial services.
- Notable Investments: Wealthsimple, Borrowell.
- QED Investors
- Details: QED Investors is a leading venture capital firm focused on investing in early-stage, disruptive financial services companies. They provide both capital and strategic guidance to their portfolio companies.
- Investment Focus Areas: Financial services, technology.
- Notable Investments: Credit Karma, SoFi, Avant.
- 500 Global
- Details: 500 Global is a venture capital firm and startup accelerator that invests in early-stage companies across various sectors. They offer a range of support services to help startups grow and succeed.
- Investment Focus Areas: Technology, consumer products, services.
- Notable Investments: Canva, Udemy, Talkdesk.
What's Next for Albert?
Albert stands at the cusp of significant growth opportunities, driven by its recent $100 million Series C funding. The company plans to expand its team and product offerings, enhancing financial wellness tools and introducing new services to a broader audience. With over 5 million users and partnerships with insurance providers like Ladder and Lemonade, Albert is well-positioned to leverage these relationships for further growth.
Future fundraising opportunities appear promising, as the successful Series C round indicates strong investor confidence. Albert may seek additional funding to scale operations, enter new markets, and enhance its technology infrastructure. However, the company will need to navigate challenges such as competition from other fintech firms, regulatory hurdles, and maintaining user trust and data security.
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