Citi Ventures, the strategic investment arm of financial services firm Citi, has co-led an $11m series B round for US-based personal finance management app developer Clarity Money with venture capital firm RRE Ventures.
Clarity’s app, which was launched in January 2017, utilises artificial intelligence and data science to help users make better financial decisions. It estimates its subscription cancellation service has so far saved its customers an average of $300 each.
Luis Valdich, managing director of Citi Ventures, said: “The future of financial services will be transformed by those who can successfully leverage APIs (application programming interfaces) to connect consumers with best-of-breed providers.
“Citi Ventures is pleased to support Clarity Money, which is committed to responsible finance and is empowering consumers via APIs with actionable insights and third-party products that can help improve their financial health.”
The series B round comes just three month after the startup raised $3.5m in series A funding from investors including RRE Ventures, Bessemer Venture Partners, Soros Capital and Maveron Ventures. It did not disclose whether the latter three took part in the series B.