Albert raises $50 million

LA-based fintech startup Albert announced a $50 million Series B round led by CapitalG, Alphabet’s independent growth fund, with participation from Portage Ventures, QED Investors, American Express Ventures and others.

Launched in 2016, Albert offers an app to help people make “good money” decisions. The app monitors a user’s balances, bills, and spending, and offers up to $100 instantly to help avoid overdrafts. It can help users save, cut costs and reach goals, and to date, the app attracted over 3 million users. The app is free but there’s also a paid version – Albert Genius – which allows users to chat with a financial expert about any money topic, build a personalized financial plan, and access automated investing at no additional cost. Customers pay what they think is fair with a minimum of $4/month, and to date, Albert Geniuses have sent and received more than 10 million text messages tackling customer questions like, “Hey, can I afford to go out tonight?” and questions about lowering debt, insurance recommendations, and how to save for a vacation, school, or a new home.

The average Albert customer has a median income of about $50,000 per year and “lives paycheck to paycheck.” And while the Federal Reserve showed that 40% of Americans cannot afford an unexpected $400 expense, after 6 months of using Albert, Genius customers have an average of about $400 saved up.

Finally, when it comes to insurance, Albert offers auto, life and renters insurance via its agency Albert Insurance Services, LLC. Insurance companies such as GEICO, Lemonade and Progressive are in the mix.