“Wtf will they do with $19 million,” a source asked Betabeat back in June when LearnVest announced its $12 million raise out of a $19 million round led by Accel Partners. “For a newsletter that says ‘don’t take cabs every day! Use a 401k!’”
Well, now we know a little more about what LearnVest, the personal finance and lifestyle site for women, has been spending its millions on: “a comprehensive study, which explored women’s financial attitudes, behaviors and needs.” Did you know six in 10 women feel stressed about their finances?
Fortunately, the startup had some bucks left over after commissioning that study to launch a few features. LearnVest used the results (31 percent of women do not know their credit score; 54 percent have credit card debt, averaging $9,000 across 3.1 credit cards) as well as feedback from users to inform its three customized budget plans, which range from $69 to $349 and are designed to substitute for face time with a Certified Financial Planner ($150+ an hour). The plans offer things like email support from financial experts, phone consultations, savings plans and retirement planning.
LearnVest says it raised the full $19 million, even though it filed with the SEC before the full amount was raised, which is why the news leaked.