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Banks

U.S. fintech startup Albert raises $100 million

LONDON (Reuters) - US financial technology startup Albert has raised $100 million in a round led by General Atlantic, the company said on Tuesday.

Other investors include CapitalG, Alphabet Inc’s independent growth fund, Portag3, and QED, bringing the company’s total funding to date to $173 million, it said.

The company will use the funding to grow the types of financial products it offers to users, chief executive Yinon Ravid said in an interview.

Founded in 2016 Albert has over 5 million users and provides services including mobile banking, savings, and investing.

The company hopes to help consumers automate their financial life by offering personalized advice through a team of experts it calls “geniuses”. Customers can ask experts questions on their finances ranging from whether they can afford a specific purchase or how best to pay down their debt.

It is one of the young financial services companies that are seeking to compete with incumbent institutions by offering more personalized services and taking better advantage of digital technologies.

Like other digital banking apps, it saw business grow this year as the pandemic drove more people to adopt online financial services.

“We’ve seen a lot of growth this year,” Ravid said. “There is increased secular adoption of these services.”

(Story refiles to fix typos)

Reporting by Anna Irrera, editing by Lousie Heavens

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