Chicago’s very own financial advising startup Holberg Financial has recently raised $1 million in the seed round of venture capital funding, according to American Inno.
The startup that began in 2015 aims to bridge the gap between employers and employees when it comes to providing adequate financial guidance. Through a software with an online work benefit program made available to companies, the employees have access to a system where they can better manage their money and plan future payments or pay off past loans.
“People are struggling with personal finances, and unless you have $500,000 to go get private wealth management, there really isn’t a good option out there,” said CEO Joe Holberg. “No one is addressing the masses.”
Funding for the seed round was led by West Loop Ventures, but also involved Google and Howard Tullman’s G2T3V Fund.
Holberg’s software uses a mix of algorithms and actual financial advisors to map out the best financial planning for its users. Promising better credit scores and more savings, the subscription service costs just $7 per month for each employee using the software. It currently boasts nine clients with a total of 2,000 employees.
Holberg Financial now plans to hire three more employees in the sales and engineering fields following its funding round.