FeeX, whose service finds hidden fees in investment accounts, raised $6.5 million.
FeeX, a service that finds and reduces hidden fees in investment accounts, has secured $6.5 million in Series B Funding. The funding was led by Horizons Ventures, controlled by Hong Kong-based billionaire Li Ka-shing, and existing investor Blumberg Capital participated in the round. The company has raised $9.6 million to date.
FeeX was founded in 2012 by Yoav Zurel, who serves as CEO of the company, David Weisz, Eyal Halahmi, and Uri Levine, one of the founders of Waze, who provided the company’s initial investment and serves as its chairman.
“People are paying at least one third of their savings in fees over the course of a career and the lack of transparency of these fees is outrageous, ” said Zurel. “We are the only company on your side helping you decode and fight against the onslaught of confusing financial fees. This round of funding will help us expand our offering to expose fees in other markets like banking, credit cards, mortgages and so much more.”
In March 2014, FeeX launched in the US to help Americans assess and minimize the amount of money spent on financial fees each year estimated at $600 billion. Currently, FeeX has more than 60, 000 users, has surpassed $1 billion in assets under protection, and has identified more than $277 million in potential savings for its customers.
“FeeX has developed an objective solution that is disrupting the asymmetry of information that prevents ordinary consumers from easily understanding the true costs of their investments, ” said Jason Wong, a director at Horizons Ventures. “Their vision is even bolder — to democratize and demystify all financial information, shining light on all fees inhibiting us from attaining the best financial futures possible.”
FeeX examines all investments and shows people a clear picture of their fees, including expense ratios from mutual funds, fees from financial advisors, account maintenance fees, asset-based fees and much more. FeeX’s sophisticated algorithms condense the information in an easy-to-read format that reveals how much people actually pay for the privilege of investing. FeeX then shows what can be done to reduce, or sometimes eliminate, these fees.
“FeeX is revolutionary harnessing the wisdom of the crowd to help consumers obtain better value from financial institutions, ” said David J. Blumberg, a director of FeeX and managing partner of Blumberg Capital. “Markets work best when information flows with transparency and clarity, so we think FeeX will bring about huge improvements in financial markets for consumers and businesses alike.”
Published by Globes [online], Israel business news – www.globes-online.com