Charlie the Money-Saving Penguin

BBVA-backed Propel Venture Partners has led a $9m Series A round in Charlie, a text-based AI chatbot helping people stay on top of their finances and save money, with participation from frog, Launchub Ventures, Norwest Venture Partners, Peterson Partners, and Uncork Capital.

Launched in 2016 and led by Ilian Georgiev, the startup offers an app-free, text-based AI assistant that interacts via messages sent from one’s phone or Facebook Messenger account. After connecting the bank or credit card accounts, Charlie helps users avoid late fees, find ways to save money, get better deals on things they need, along with saving towards specific goals. Since launching, Charlie has been used by nearly 250k mostly-millennial individuals.

“The go-to form of getting financial advice with charts and graphs is not providing the actionable and simple advice that the average American needs today to build their savings, eliminate debt, and drive positive financial behavioral changes. In a crowded space, we believe that Charlie is delivering what’s been missing among existing financial solutions: trustworthiness, approachability, and super intelligence. We’re excited to be a part of their growth as they continue to bring empathy and simplicity to financial empowerment.” – Partner at Propel Venture Partners, Ryan Gilbert.