Crowdsourcing financial intelligence company FeeX has raised $2.75 million. The Israeli startup provides a free service that helps people save big money on their retirement savings by showing them the fees they pay in their investment and retirement accounts and offering lower-cost alternatives. The latest financing round was led by Collaborative Fund and included Vikram S. Pandit and previous investors.
FeeX was founded by Waze co-founder Uri Levine with CEO Yoav Zurel, David Weisz, and Eyal Levine. Under the slogan "The Robin Hood of fees," the company began operating in Israel in 2013 and launched in the US in 2014.
Zurel said, "It's my pleasure to welcome Vikram as an investor. He truly believes in our mission to help Americans save as much money as possible by identifying and reducing financial fees in their retirement and investment accounts. We hope to draw on his extensive expertise as we continue to scale in the US and expand to expose all types of hidden fees in retirement accounts, bank accounts, credit cards, insurance, life insurance and more."
Former Citigroup CEO Vikram Pandit has been investing in businesses that leverage technology to democratize financial services, empower consumers and transform businesses and industries.
Every year, Americans spend roughly $600 billion on financial fees without even knowing it.1 To provide more transparency, FeeX examines investments and reveals the fees people are paying in their portfolios, including expense ratios from mutual funds, fees from financial advisors, account maintenance fees, asset-based fees and more. FeeX's sophisticated algorithms condense the information into an easy-to-read format that shows how much people actually pay for the privilege of saving and investing. FeeX then provides alternatives that can reduce, or sometimes eliminate, these fees.
Collaborative founder and managing partner Craig Shapiro said, "We've been excited about FeeX for over a year and see endless potential to level the playing field for consumers. They are delivering data on fees that users cannot find anywhere else. But more than that, FeeX is providing those same users, many of them young investors, with alternatives that will benefit them greatly in the long run."
Published by Globes [online], Israel business news - www.globes-online.com - on September 9, 2015
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