Playbook raises $7 million

Personal finance app Playbook has raised $7 million in Series A funding led by Telstra Ventures, with participation from Atomic.

Launched in 2021, the Gen Z and millennial-focused startup provides an app that allows users to connect to their bank account to uncover tax advantages. Then, based on a user’s finances, Playbook crafts a “holistic, customized financial plan that is fully automated.”

The service is designed for people making over $100k per year and instead of charging AUM fees, the service costs $29 per month.

Playbook has a direct-to-consumer model but it also works with companies such as Amazon, EY, Deloitte, Google and Salesforce to distribute the app to employees.

“Playbook’s focus on educating, simplifying and automating long-term wealth building for gen Z and millennials has democratized financial planning for a new generation of consumers who have largely been ignored by incumbents. The company is fundamentally different from other personal finance apps and is the first to truly consider the complete financial picture – income, spending, taxes, retirement, saving, and investing and executing on a personalized, financial plan. Playbook is well on its way to becoming a generation-defining tool.” – Yash Patel, General Partner, Telstra Ventures