Startup Takes On Consumer Financial Education

LearnVest, an online financial planning startup, announced Friday that it had acquired $16.5 million in new funding. It attained the funding from initial investor Accel Partners, as well as new investors American Express Ventures; Claritas Capital; Ed Mathias, the founding member of The Carlyle Group; and Todd Ruppert, former CEO and president of T. Rowe Price Global Investment Services. The company has raised $40 million since launching three years ago.

The firm, based in New York and founded by Alexa von Tobel, provides basic money management advice to consumers through its website and an iPhone app launched in September. A team of certified financial planners provide portfolio analysis and guidance on how to implement recommendations with other providers.

“We are passionate about making financial planning—dare I say it—an exciting consumer product,” von Tobel said in a statement. “We’re eager to use this latest investment to focus on scaling LearnVest Planning’s award-winning technology and to provide widespread access to our team of certified financial planners.”

LearnVest offers three pricing tiers, each with a monthly subscription of $19. The least expensive option offers one-on-one help setting a budget. The next option helps consumers create a five-year plan, and the top level provides actual guidance on investing.