FeeX, a NYC-based provider of a platform that finds and reduces hidden fees in investment accounts including IRA, 401(k), 403(b), 457, brokerage and similar accounts, secured $6.5m in Series B Funding.
The round was led by Horizons Ventures with participation from existing investor Blumberg Capital.
The company intends to use the funds to expand its offering to expose fees in other markets like banking, credit cards, mortgages and others.
Started in August 2012 by co-founders Yoav Zurel, David Weisz, Eyal Halahmi and Uri Levine, FeeX examines all investments and shows people a clear picture of their fees, including expense ratios from mutual funds, fees from financial advisors, account maintenance fees, asset-based fees and more. Its algorithms condense the information in a format that reveals how much people actually pay for investing with the service then showing what can be done to reduce, or sometimes eliminate, these fees.
Currently, FeeX has more than 60,000 users.