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Crowdsourced Financial Advice Startup FeeX Raises $3 Million

By Mary Wisniewski August 28, 2013, 10:26 a.m. EDT 1 Min Read

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FeeX announced Wednesday it has closed a $3 million Series A financing round from Blumberg Capital.

The Israeli startup develops software that provides users with crowdsourced financial advice, for instance gathering information about what people are paying in 401(k) fees. The tool is meant to show people when they are overpaying.

FeeX plans to launch the service in America in early 2013.

"Twelve years ago, Wikipedia was just an experiment in crowdsourcing information, but today, now traditional companies like Britannica can't keep up," said Uri Levine, co-founder, in a press release. "People trust people, and the benefits of collective intelligence are exactly what FeeX is fostering."

Israel is home to many fintech entrepreneurs. In recent weeks, Citigroup and Bank Leumi announced their efforts to launch accelerators to help groom young Israeli talent.

Mary Wisniewski

Deputy editor, BankThink

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