Albert Raises $100 Million In Series C Funding

Albert Corp., a Culver City-based personal finance technology company, raised $100 million in Series C funding.

The funding, which was announced Jan. 26, was led by New York-based growth equity investor General Atlantic. Other investors in the round include Mountain View-based Alphabet Inc.’s independent growth fund, CapitalG, Toronto-based Portag3 Ventures, and Alexandria, Va.-based QED Investors. 

The raise brings the company’s total funding to $173 million.

Albert will use the funds to expand its team and product, according to Chief Executive Yinon Ravid. The company raised $50 million in its previous funding round in March.  

Since its launch in 2016, Albert’s software has garnered more than 5 million users, Ravid said. In 2020, the company launched “The Post,” a financial news blog, and redesigned the Albert app.

Albert offers four financial literacy features: saving, investing, planning and a feature called Instant, which allows users the opportunity to get an advance on their paychecks for a fee. 

The paid version of the app, called Albert Genius, starts at $4 per month and goes up to $14 in what Ravid said in an email is a "pay what's fair" model.  Ravid added that the company keeps costs down by using its technology to automate financial decisions where it makes sense.

“At Albert, we do something no one else does: we deliver personalized financial advice from our team of human finance experts — aka our geniuses — at a radically affordable price,” Ravid said in a statement announcing the raise. “This guidance can be put into action automatically, using software we built from scratch.”