Feex, a fintech startup has recently secures $2.75 million in new funding round led by Collaborative Fund along with existing investors. This funding comes after a larger Series B round of $6.5 million raised in August 2014.
Founded in 2013 by Uri Levine, Yoav Zurel and David Weisz and Eyal Levine, the fintech startup FeeX provides a service for the users to save their retirement funds and other plans by comparing fees that go along with these services. The consumers can avail its services through registering on the network with an account and can connect the investment accounts they want it to scan. This service scans for the hidden financial fees people pay every year. Research from State Street found that researchers spend around $600 billion on it every year. The sophisticated algorithm of the system helps to spot the items that are often overlooked by people.
With the new funding, Feex also revealed that Vikram S.Pandit has joined Collaborative Fund in its latest round of funding. Zurel, CEO of FeeX said, “It’s my pleasure to welcome Vikram as an investor. He truly believes in our mission to help American 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 U.S and expand to expose all types of hidden fees in retirement accounts, bank accounts, credit cards, insurance and more.”
“We have been excited about the Feex for over a year and see endless potential to level the playing field for consumers,” said Collaborative founder and managing partner Craig Shapiro. “They are delivering data on fees that users cannot find anywhere else. But more than, Feex is providing those same users, many of them young investors, with alternatives that will benefit them greatly in the long run.”