FeeX Secures $3M in Series-A Funding from Blumberg Capital to Usher In New Era of Crowd-Powered Financial Intelligence
This time Waze co-founder Uri Levine wants people to help each other save money on excessive financial fees
Today, FeeX, the world’s crowd-powered financial intelligence company has announced it has closed a $3 million Series-A financing round from Blumberg Capital. With the funding, FeeX is bringing the wisdom of the crowd to a problem felt by over 150 million Americans spending billions of dollars in hidden and excessive financial fees.
According to Demos, a non-partisan public policy research and advocacy organization, Americans pay an average of $155,000 in 401(k) fees over the course of their careers. Statics like these are especially problematic for the 71% of Americans who think their 401(k) plans are free, according to other reports from the AARP. If in the Internet age so many people still know so little about their futures, it may be that personal finance is still all too personal.
A Culture of Silence
We are culturally preconditioned not to seek help from or discuss personal finances with others, even family members. The only help is slim and costly insight from financial advisors. Enter FeeX, an online platform for people to give and receive financial insight from their peers, freely and objectively. How much are others paying in fees? How much should they actually be paying? What can they do to change it? FeeX is trying to balance the asymmetry of financial information -- a commodity controlled and understood by a small minority. FeeX wants to level the playing field so that everyone has access to the same financial intelligence so that when the company launches in the U.S., your best financial advice could come from your colleague or even your neighbor.
Strength in Numbers
Within three months of launching its pilot campaign in Israel, FeeX is already expected to save early adopters as much as $2 million dollars in fees. Already being touted as the most important startup in Israel by Channel 10, one of the country’s most prominent financial news sources, FeeX is proving that crowdsourcing and crowdsaving go hand in hand.
“FeeX’s visionary and dynamic management team are employing unique technology to solve difficult problems in an enormous market,” said David J. Blumberg, Managing Partner of Blumberg Capital. “We believe the crowd-sourced power of FeeX will revolutionize the financial services industry.”
Pedigree in Community
FeeX is co-founded by Yoav Zurel, David Weisz, Eyal and Uri Levine, co-founder of Google’s recently acquired community traffic and navigation application, Waze. With his latest crowd-based endeavor, Uri believes people working together can save each other money by identifying and minimizing financial fees.
“12 years ago Wikipedia was just an experiment in crowdsourcing information, but today, now traditional companies like Britannica can’t keep up,” said Levine. “People trust people, and the benefits of collective intelligence are exactly what FeeX is fostering.”
FeeX is currently accepting early sign-ups at http://www.feex.com for its service expected to launch in the United States in early 2014.
FeeX is community-based financial intelligence from real people helping each other avoid excessive or inflated fees. Learn from others, your future depends on it. http://www.feex.com
About Blumberg Capital
Blumberg Capital is a classic, early-stage venture capital firm focused on investing in innovative and disruptive Digital and Social Media, SaaS/Technology Enabled Services, Mobile Technology and Internet companies.
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