LearnVest Receives an Additional $16.5M in Funding

This latest investment raises the female-founded financial planning startup’s total to more than $40M. By Jessica Stillman (Editor, Women 2.0)

LearnVest may have started as financial education platform for women but the startup, founded by Alexa von Tobel, has come a long way since then. And thanks to a further injection of $16.5 million from previous investors Accel Partners, as well as American Express Ventures, Claritas Capital, Carlyle Group's Ed Mathias and former T. Rowe Price CEO Todd Ruppert, announced on Friday, it looks like the company is headed for even bigger and better things.

Von Tobel has described LearnVest as "Weight Watchers for money" and it appears she has massive ambitions for the startup. "We need to mentally decide we are moving from start-up land to scaling operations. We are a big organization that needs to think about how do we grow into a really big organization. I feel like we're just getting started," she told Inc.com.

The latest round of financing takes the company’s total to $41 million and, according to TechCrunch, this latest investment may also signal a valuable new partnership for LeanVest. Leena Rao writes:

From the sounds of it, it looks like LearnVest may get a huge marketing boost from AmEx to push its financial planning product. “We believe strongly in the mission of LearnVest Planning to provide accessible financial advice,” said Harshul Sanghi, Managing Partner, American Express Ventures, in a release. “As we seek to expand our portfolio of products across American Express, we believe LearnVest Planning can be an important partner in helping us to bring customers more convenient, affordable and transparent ways to manage their money.”

The New York-based company has also opened office in Phoenix “as a hiring and training hub for the company’s team of financial planners,” the TC article reports and has also announced a new seven-step sign up process that gets new customers up and running on the site more quickly.

Do you predict a bright future for LearnVest?

jstillman Jessica Stillman is an editor at Women 2.0 and a freelance writer with interests in unconventional career paths, generational differences, and the future of work. She writes a daily column for Inc.com and has blogged for CBS MoneyWatch, GigaOM and Brazen Careerist, among others. Follow her on Twitter @entrylevelrebel.