Founded by serial entrepreneur Adam Dell, Clarity Money makes a personal finance app that aims to help users lower their monthly bills and improve their financial health along the way. Just three months after launch, the company is announcing another $11 million in funding from RRE Ventures and Citi Ventures.
Clarity Money uses machine learning and AI to identify actions its users can take to reduce spending or lower their costs. After downloading the app and linking up checking and credit card accounts, the app provides suggestions for subscriptions they can cancel, bills they can potentially negotiate lower and refinancing options that might be available to them.
The key value prop comes from reducing the friction associated with taking action on one’s finances. That means not only educating users about what’s happening with their money, but also enabling users to unsubscribe from services or take advantage of affiliate offers with a single click.
The company makes money from refinancing or low-interest credit card offers that people choose, but…