Goal setting is one of the most powerful processes to build your future. When it comes to your finances, adding in expert advice accelerates achieving those goals in a sustainable and measurable way. Albert is the personal financial advice platform that leverages technology and access to financial experts to address any aspect of your financial situation. At its core, the platform provides mobile banking complete with automated savings, equity investing, tracking, budgeting, and access to cash advances if necessary. The consumer finance app presently serves more than 5M individuals and starts at $4/mo for access to financial experts.
LA TechWatch caught up with CEO Yinon Ravid to learn more about the gap that Albert fills in the consumer finance space, the company’s future plans, and latest round of funding, which brings the total funding raised to $172.9M since 2015.
Who were your investors and how much did you raise?
We proudly raised $100M in equity financing through our Series C — with General Atlantic, a new investor for Albert, leading this round. We’re of course incredibly grateful for our existing investors, who participated in this round as well – CapitalG, Portag3, and QED Investors.
Tell us about your product or service.
Albert’s mission is to democratize money management and help millions of Americans achieve financial wellness. We do this through our mobile app, which features a revolutionary financial advice platform where subscribers can chat directly with financial experts — real humans — about anything money. Albert’s free features include automatic savings, financial health monitoring, budgeting, detailed spending reports, and Albert Instant, which offers customers an advance against their paycheck to help avoid overdrafts.
At our core, we believe everyone’s financial situation is unique and deserves a personalized, empathetic approach — plus the edge great tech can offer.
What inspired the start of Albert?
I spent years working in the financial services industry and quickly noticed how high-quality, personalized guidance wasn’t easily accessible to most Americans. I wanted to find a way to support that huge demographic — which in turn inspired the creation of Albert. Our unique model puts access to custom financial advice in reach, and we’re able to help our subscribers in every aspect of their financial lives — from paying off student loans, to saving for a house, or whatever their needs may be. Access to financial guidance is the first step toward breaking down the economic inequalities that exist across the US.
How is it different?
Albert’s key differentiator is its seamless blend of human guidance and cutting-edge automation. We make access to financial experts radically affordable with a “pay-what’s-fair” pricing model, starting at $4/month. Our team of “geniuses” are available daily to help customers make smart financial decisions about every aspect of their lives. At the same time, technology works in the background to automate financial decisions and make spending, saving and investing easier.
Albert aims to live at the core of our customers’ financial lives — available to help with any financial decision, goal or need from a holistic perspective
What market you are targeting and how big is it?
Our customer base is largely millennials (three quarters of our users are age 18–34), and those just entering the world of personal finance. They earn a median income of $50K a year, often live paycheck to paycheck and are looking for ways to become more financially secure.
What’s your business model?
We generate revenue primarily through subscribers who pay for Albert Genius — a radically affordable platform where subscribers can chat with financial experts after choosing their fee. Our “pay-what’s-fair” pricing model starts at just $4/month.
How has COVID-19 impacted the business?
COVID-19 has financially impacted so many people, including many of our users. Our goal has always been to help people feel confident about their financial life — by empowering them to build an emergency fund, grow their savings, reach milestones and have a plan for the future. We’ve weathered COVID-19 as a business by continuing to do what we do best: helping our customers make smart financial decisions, especially during difficult times of economic uncertainty.
What factors about your business led your investors to write the check?
Investors recognized our commitment and ability to expand access to financial advice and financial wellness tools. Our lead investor for this round, General Atlantic, was especially drawn to Albert’s vision of delivering a holistic financial platform that will better serve the pressing consumer finance needs of Americans.
What are the milestones you plan to achieve in the next six months?
We plan to continue expanding both our team and our product offerings — with the ultimate goal of becoming the main point of contact for people’s financial lives. We’re currently creating a new way for consumers to interact with their debit cards, and we’ll have more to share on that front in the coming months.
We plan to continue expanding both our team and our product offerings — with the ultimate goal of becoming the main point of contact for people’s financial lives. We’re currently creating a new way for consumers to interact with their debit cards, and we’ll have more to share on that front in the coming months.
Where do you see the company going now over the near term?
Albert has achieved significant growth in recent years, and we’re poised to continue exponentially. We’ve increased our user base from 3M to 5M and have launched two new products in the past year alone: Albert Instant gives users cash advances of up to $100 against their paycheck, and Albert Planning covers our users’ insurance needs.
We also launched The Post, a news source that expands financial literacy by delivering bite-sized analysis of the latest happenings in personal finance. In 2021, we’re looking to double our team and continue enhancing our products and services that support financial wellness for all.
