Online bill pay service Billeo has announced a $7 million Series B round of funding. ATA Ventures led the financing, with additional contributions from all of Billeo’s existing investors including Altos Ventures, Claremont Creek and Pacifica Fund.
There have been a lot of startups focused on enhancing your online personal finance, mostly around analyzing your investments (Cake, Zecco, Covestor) or expenditures (Mint, Wesabe). By contrast, Billeo functions as a straight forward tool for automating or remembering to pay your bills online.
You tell Billeo what bills you want to pay automatically or be reminded to pay and their service sends reminders and tracks you payment history online. Although a lot of banks offer online bill payment to third parties, Billeo also tracks your payment stats and compares them to the crowd. If you download the toolbar we previously covered, Billeo will also automatically fill out a lot of financial forms for you online. However, while other financial management tools haven’t incorporated online bill payment, it seems a clear feature addition that will compete with Billeo in the future.
@Billeo Congrats on the round! App’s looking tight
Seven million will pay a lot of bills.
Seriously though, I am surprised at the scale of the bet that ATA is putting on this company. As a concept for a website, it doesn’t seem doesn’t seem defensible.
Congrats Billeo.
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One big thing that concerns me about this service is security. This is what’s stopping me from using mint. There are so many possibility where my information can leak.