Status Money announced today that it has completed a convertible note financing agreement with SixThirty Ventures. The financing brings Status Money’s total funding to $9.5M since it was founded in 2016.
“I’m excited to have Atul Kamra and the SixThirty team officially onboard. Their focus on enterprise partnerships and their expertise in financial planning and advice makes them a perfect partner in our mission to democratize access to financial advice,” said Status Money CEO, Majd Maksad.
Status Money is the first social app for personal finance – it enables users to anonymously compare financial stats with peers and crowdsource financial advice for free.
The company recently disclosed having more than 263,000 users and 100+ corporate advertisers in an equity crowdfunding campaign. It plans to introduce subscription plans to give users access to financial professionals starting at $20 per month.
Atul Kamra, Managing Partner of SixThirty commented, “In our hyper-connected world, we openly share personal perspectives, fears and intimate moments across social networks. Yet there’s one glaring gap – talking about matters of money. Status Money closes that gap.” Kamra added, “Status Money’s data panel of 16+ million consumers allows users to anonymously compare their financial picture with that of their peers, and securely ask the question: ‘what do people like me do?’. It brings context to practical financial decisions – and allows users to confidently interact on one of life’s taboos: money.”
SixThirty Ventures joins Altpoint Ventures, Ally Ventures, and more than 1,000 angels as investors in Status Money.
About Status Money
Status Money is a New York-based FinTech company that calls itself “the social app for your money.” It provides free financial management apps that show users how their finances compare with peers and enable them to crowdsource financial advice. Status Money was founded in 2016 by former Citi and Goldman Sachs analytics executives. For more information about Status Money visit: https://statusmoney.com
About SixThirty Ventures
SixThirty is an early-stage venture fund that invests in enterprise technology companies building FinTech and InsurTech solutions for incumbents. Each year, SixThirty invests in 8-12 new companies and participates in select follow-on opportunities. Portfolio companies are eligible for the SixThirty Go-To-Market Program, which entails curated meetings with corporate partners, hands-on training, mentoring, and networking opportunities with industry incumbents. For more information about SixThirty Ventures visit: https://sixthirty.co