How This Super-Simple Finance App Secured $2.5 million Funding Within 1 Year?

What is Albert Finance App All About?

Albert is the most useful finance application, giving simple financial advice and allowing users to take instant action directly from the app. The personalized recommendations of this application are mainly aimed at increasing your overall financial standing.

The application connects with all your accounts and delivers real life recommendations such as repaying credit card debt with a low-interest loan, setting up the right retirement plan or getting life insurance with numerous benefits.

albert-app

To allow users to act directly from the app, the company has partnered with the biggest financial institutions like lenders, banks, insurers and investment firms into a single platform. Albert has researched in depth, developed relationships and integrated the modern technology to generate the process as seamless as possible.

Albert Finance App Secures $2.5 million in Seed Funding

Recently, the company has closed on $2.5 million in seed funding and it comes from Bessemer Ventures Partners, CFSI (Center for Financial Services Innovation), 500 Fintech, 500 Startups and others. After the app’s launch, it arrived quickly prior this summer.

Co-founded by former college roommates Yinon Ravid and Andrzej Baraniak as both have spent over a decade in the financial services, the company has a team of talented engineers and designers, who have in-depth experience with the financial consumers.

With the mission to rethink the way people are making financial decisions, the company largely aimed at younger mobile users.

It is not a mobile banking app, but it works like Mint as it collects your financial data at one single platform, comprising credit cards, bank accounts, property, loans, and investments. Moreover, it mainly focuses on serving financial advice and inspires you to make changes. It also helps you to track your daily spending and budget. While offering tips, it pushes you to put them into action.

The co-founder of the company Ravid explains, “The vast majority of people between the ages of 20 and 40 don’t actually save money – they actually spend more than they’ve earned in the last three months.” He also added, “So one of the first pieces of advice we give is to save a few dollars to grow your emergency fund.”

When it comes to talking about the idea of automating your finances, it is something that various other mobile applications in the fintech space have also applied like saving apps – Digit and investing applications like Acorns. To give a complete and in-detail information about your finances, this app is up against some apps like Prosper Daily and Level Money.

How Does Albert App Works?

To use this application, you need to follow three simple steps that are as follow:

  • Connect Your Accounts: Albert will look at your all finances to give recommendations. The app uses bank-level security and it doesn’t store any banking credential.
  • Get Real-life Recommendations: The application advice some of the actionable recommendations to improve like repaying credit card debt with a low-interest loan, lowering credit card fees, setting up the right retirement plan, etc. Albert will keep droning in the background and ensure that you are making the right financial decisions.
  • Make it Happen: Directly from the application, you can act on the recommendations. As it has relationships with world’s leading financial institutions, so you can act easily. Moreover, you can also get a loan with some clicks, get insurance with just a thumb print and more. All these things are easily possible on your phone.

So, what is your take-off? Do you also have such creative mobile app idea in your mind that you wanted to discuss with any mobile app development company? What are you waiting for? Share it with us and our team of mobile app developers will help you to make your idea into reality.

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