SecureSave, a fintech startup that offers an emergency savings program product, raised $11 million in a strategic funding round led by Truist Ventures, and with funds invested by TV personality and best-selling author Suze Orman. The new funding brings the total amount raised by the company to $14.7 million, following an initial seed round in January 2021.
Born Susan Lynn Orman was born in 1951 in Chicago to Jewish parents Ann and Morry Orman, Suze Orman is a financial advisor and television commentator. Her father was an immigrant from Kiev. She is best known for her “The Suze Orman Show” where Orman dispensed financial advice for many years.
SecureSave was founded, says the company, in reaction to the economic catastrophe that resulted from the Covid-19 pandemic and was created in summer of 2020.
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Less than 50% of Americans can afford an unexpected $1,000 emergency such as car repairs or a visits to the emergency room, explains SecureSave. The company says that this “sheds light on just how hard inflation and other emerging factors are hitting Americans’ finances, more than two and half years into the pandemic.” Also, the Consumer Financial Protection Bureau recently revealed 24% of consumers have no savings at all set aside for emergencies, while 39% have less than a month of income saved for emergencies.
Even prior to the pandemic, annual data from the Federal Reserve shows many households would find it difficult to pay an unexpected $400 expense., explains SecureSave.
SecureSave has expanded rapidly since it was founded in 2020, growing its customer base by 600% over the last year to service clients including the San Antonio Spurs and the SEIU. This new funding follows recent distribution partnerships with Transamerica, a leading provider of life insurance, retirement, and investment solutions, and Milliman, a premier global consulting and actuarial firm.
“This new investment is a reflection of the rapid adoption and incredible customer demand we’re seeing for SecureSave’s unique emergency savings platform and underscores the industry and investor confidence in our vision,” said Devin Miller, Co-Founder and Chief Executive Officer, SecureSave. “Amidst the economic uncertainty over the last two years, companies, both large and small, recognize an ESA is as critical as an 401k or an HSA and not just for retention or for recruiting, but also because poor financial health is impacting companies’ bottom line.”
“As tens of millions lost their jobs, businesses and savings in just a matter of weeks, we felt called to act – Devin, Suze (Orman) and I came together with shared personal histories of enduring financial emergencies and a laser-focused vision to create a new kind of technology platform that could prevent this type of hardship and make saving for an emergency easy, automatic and always accessible,” said Bassam Saliba, Co-Founder & Chief Technology Officer. “We knew from our own experiences, the recovery was going to be a long, tough road and we were at a unique moment in history to create something that was more than just a business or a technology product – this could be using technology to ensure Americans have a financial foundation. To us, that’s what SecureSave is all about.”