Clarity Money Announces $11 Million Series B Funding Led by RRE Ventures and Citi Ventures

Clarity Money’s team features veterans of Google, Betterment,
American Express and IBM

NEW YORK–(BUSINESS WIRE)–Clarity
Money
, a personal finance app that acts as the “Champion of Your
Money,” today announced an $11 million Series B funding round led by RRE
Ventures and Citi Ventures.

This financing comes just three months after Clarity Money launched its
product and eight months after raising a $3.5 million Series A, bringing
the total raised by the company to $14.5 million. Existing investors in
Clarity Money include Bessemer Venture Partners, Soros Capital, RRE
Ventures and Maveron Ventures. Clarity Money is led by serial
entrepreneur Adam Dell, who has started several companies, including
MessageOne, which was acquired by Dell (DVMT), and Buzzsaw, which was
acquired by Autodesk (ADSK). Mr. Dell has invested in a number of early
stage companies as a venture capitalist, including OpenTable (PCLN),
Ingenio (T), Greenplum (EMC) and HotJobs (YHOO).

“Clarity Money’s app is not just another personal financial manager,”
said Stuart Ellman of RRE Ventures. “Clarity leverages artificial
intelligence and insights to deliver on the promise of true financial
advocacy and empowerment for everyone. We have backed Adam Dell in the
past and are impressed with the phenomenal team he has brought together
to tackle this immense opportunity.”

“The future of financial services will be transformed by those who can
successfully leverage APIs to connect consumers with best-of-breed
providers,” said Luis Valdich, Managing Director at Citi Ventures. “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.”

Since its launch in January 2017, Clarity Money has analyzed over
$10 billion in transactions for customers, and has saved, on average,
$300 per customer who have taken advantage of Clarity Money’s
subscription cancellation service.

“Clarity Money is honored to have attracted such a stellar group of
investors who support our mission of empowering Americans to take
control of their finances,” said Dell, founder and CEO. “In just 90
days, over 100,000 people have seen the power of Clarity Money. This
additional financing enables us to expand our team and capabilities, at
a time when consumers need a financial advocate more than ever.”

Beyond its team of technology industry veterans, Clarity Money provides
its users with objective financial advocacy through its Customer
Advisory Council, which includes financial experts Niall Ferguson, a
Laurence A. Tisch Professor of History at Harvard University, Erich
Ringewald, the Chief Technical Architect at American Express, and Dan
Ariely, the James B. Duke Professor of Psychology and Behavioral
Economics at Duke University.

ABOUT CLARITY MONEY

Clarity Money is a personal finance management app that acts as your
financial champion.  Ushering in a new era of personal finance
management and advocacy, Clarity Money uses artificial intelligence and
data science to help consumers make smarter financial decisions and get
the most from their money. The revolutionary features allow users to
cancel and lower bills, get a better credit card, create a savings
account and manage their finances, all from within the app, and all at
the push of a button. Clarity Money is backed by leading technology and
financial investors, including Bessemer Venture Partners, RRE Ventures,
Maveron and Citi Ventures.

ABOUT RRE VENTURES

RRE Ventures is a New York-based venture capital firm that makes early
stage investments, including seed. In its 23 year history, RRE has
backed companies such as 8i, Bark & Co, Business Insider, Buzzfeed,
Clearpath Robotics, Concur, Giphy, Makerbot, Managed by Q, Proofpoint,
Spaceflight, theSkimm, Venmo, Vine and Wisdom Tree. RRE has raised seven
funds with total capital commitments of $1.5 billion. RRE Ventures
invests nationally across all sectors, with a current focus on
Enterprise Software, Financial Services, Media, Robotics, VR/AR, Space &
Satellites, AI/ML, Real Estate Technology, and Healthcare IT.

ABOUT CITI VENTURES

Citi Ventures accelerates innovation at Citi through a strategic focus
on investing in, piloting and commercializing new solutions with the
potential to transform the future of financial services. Headquartered
in Silicon Valley with offices in San Francisco and New York, Citi
Ventures aims to cultivate next-generation experiences for Citi’s
customers by investing in startups, experimenting with new technologies
through its global lab network, and driving enterprise-wide, lean
startup-based growth initiatives across Citi’s businesses. The team
focuses in five key areas: Financial Services & Technology, Commerce &
Payments, Security & Enterprise IT, Data Analytics & Machine
Intelligence, and Marketing & Customer Experience. Citi Ventures
accelerates its portfolio companies’ ability to scale through
collaboration with Citi’s global businesses and industry experts. For
more information visit: http://ventures.citi.com/

Contacts

Vested
Maggie Monaghan, 917-765-8720
clarity@fullyvested.com