Trim, a San Francisco-based personal finance chatbot, has secured US$2.2 million in a seed-stage financing. U.S. venture capital firm Eniac Ventures led the round and was joined by Canadian firm Version One Ventures, Core Innovation Capital and Sound Ventures. Launched last year, Trim’s chatbot technology helps consumers organize their finances via customized alerts, queries and updates. It also helps users manage subscriptions. In a blog post, Version One said Trim is its first financial technology deal. Version One is currently investing from its second seed fund, which raised $35 million in late 2014.
Photo: Thomas Smyth, co-founder and CEO of Trim.
Trim, A Money-Saving Chatbot, Raises $2.2M To Fight Predatory Billers
SAN FRANCISCO — Trim, the largest and fastest-growing chatbot for personal finance, raised $2.2 million in seed funding. Eniac Ventures led the round, with participation from Version One Ventures, Core Innovation Capital, and Sound Ventures.
In its first 7 months of operations, Trim has saved its users more than $6 million by cancelling unwanted subscriptions.
“Trim is the easiest way to start organizing your finances, period,” said Ashton Kutcher, co-founder of Sound Ventures. “We’re excited to support the team’s huge ambition to democratize access to personalized financial advice.”
Rather than requiring new customers to download an app, Trim enables two-way communication with its users through text messages or Facebook Messenger. It’s one of the first Messenger chatbots for personal finance.
“In the future, every American will have a robot that protects them from getting ripped off,” said Thomas Smyth, co-founder and CEO of Trim. “Consumers want a personal financial assistant that actually does something for them.”
Trim sets itself apart from traditional online banking apps by taking action on the user’s behalf. For example, Trim can contact the relevant biller to cancel a subscription for a user.
“Fortune 500 companies have teams of data scientists trying to extract more money from your wallet,” said co-founder Daniel Petkevich. “It’s not a fair fight. Trim gives consumers the power to fight back.”
Trim users can query their personal finances by texting commands such as “Spend Uber” to see their Uber expenses for the past 30 days. Users also receive customized notifications about unusual spending and bank fees across all of their accounts.
“We are thrilled to back Trim,” said Tim Young, General Partner at Eniac Ventures. “The team’s vision and traction place them miles ahead in the massive new market for chatbots.”
How Trim Works
Sign up at asktrim.com
Message with Trim through SMS or Facebook Messenger
You can set up spending alerts, check your balance, or cancel subscriptions with just a text
Thomas Smyth, Co-Founder & CEO
Photo courtesy of Trim