US-based financial advisory technology developer Albert completed a $100m series C round yesterday featuring CapitalG, a growth equity vehicle for internet and technology conglomerate Alphabet.
Growth equity firm General Atlantic led the round, investing alongside venture capital firm Portag3 Ventures and investment firm QED Investors. The company’s overall funding has reached $173m since it was founded in 2015.
Albert provides a financial software platform that helps users monitor and manage their savings. In addition to an automation tool, it maintains a team of financial experts dubbed Geniuses who offer real-time advice on investment and financial planning.
The company also provides a finance-focused educational course called The Post as well as Albert Planning, which enables users to assess and identify health insurance policies. It will use the cash to increase headcount and beef up its product offerings.
CapitalG led a $50m series B round for Albert in March 2020, investing with American Express Ventures, a corporate venture capital unit for payment services firm American Express, in addition to Portag3 Ventures and QED Investors.
Albert had secured $12.1m in early 2019 according to a securities filing, a deal that followed a $5m round the year before that included American Express Ventures, Portag3 and QED Investors.
The company had raised $4.3m in a 2017 convertible note round that came after $2.5m in seed funding in 2016 from Financial Health Network, the financial services consultancy then called Center for Financial Services Innovation, 500 Startups, 500 Fintech, Bessemer Venture Partners and undisclosed others.
