Fruitful raises $33 million
Fruitful, a financial wellness platform on a mission to make expert financial guidance more accessible to Americans, has emerged from stealth. The NY-based startup is also disclosing $33 million in funding across a seed and Series A round over the past 18 months. Emigrant Bank led the company’s $8 million seed round while 8VC led its $25 million Series A. Other backers include Lux Capital, Founders Fund, Elad Gil, Hero Health founder and CEO Kal Vepuri, along with founders of Brex, Gemini, Tagomi and others.
Founded in 2021, Fruitful plans to give members access to certified financial planners via a subscription model. For $98 a month, members can get advice on a variety of matters including budgeting, saving, investing, 401(k)s, buying a home, putting away funds for kids’ college and paying taxes.
Fruitful was launched in partnership with Emigrant Bank and its co-founder Josh McManusn, previously held the COO role of Rock Ventures, the holding company of Rocket Mortgage.
“Amidst the economic uncertainty over the last two years, there is a critical need to address the wealthcare crisis in America as evidenced by high financial illiteracy and high financial insecurity across incomes and backgrounds. After working for 20 years to transform post-industrial places and help companies like Rocket Mortgage and Ford recognize their potential as purpose-driven organizations, I co-founded Fruitful to help people access greater financial understanding and a more secure financial future through a transparent, educational, consumer-focused approach to personal finance. Our financial guidance offering is only the beginning of our journey to crafting a transformative financial wellness platform.” – Josh McManus, co-founder and CEO, Fruitful.
“Fruitful’s cofounders are building a truly consumer-aligned financial services platform. Their talented leadership team, ambitious vision, and unique partnership with Emigrant Bank provide a strong foundation toward succeeding in this commendable mission of rebuilding personal finance as a service in the best interest of the customer.” – Elad Gil.
