Monarch, a subscription-based platform that aims to help consumers “plan and manage” their financial lives, has raised $4.8 million in seed funding.
Accel led the round, which also included participation from SignalFire, and brings the Mountain View-based yet fully distributed startup’s total funding since its 2019 inception to $5.5 million.
Co-founder and CEO Val Agostino was the first product manager on the original team that built Mint.com. There, he said, he saw firsthand that Americans with a greater understanding of financial matters “needed software solutions that went beyond just tracking and budgeting.”
“They needed help planning their financial future and understanding the tradeoffs between competing financial priorities,” he said.
Monarch aims to help people address those needs with software it says “makes it easy” for people to outline their financial goals and then create a detailed, forward-looking plan toward achieving them.
“We then help customers track their progress against their plan and automatically course correct as their financial situation changes, which it always does,” Agostino said.
Monarch came out of private beta in early 2021 with apps for web, iOS and Android, and is priced at $9.99 per month or $89.99 per year. The startup intentionally opted to not be ad-supported or sell customers’ financial data.
These approaches are “misaligned with users’ financial interests,” Agostino said.
“We felt that a subscription business model would best support that ethos and align our users’ interests with our own,” he added. Since launching publicly, Monarch has been growing its paid subscriber base (Read more...)