SOURCE: FeeX

FeeX

September 08, 2015 07:30 ET

Vikram S. Pandit Joins Collaborative Fund in Latest FeeX Funding Round

NEW YORK, NY--(Marketwired - Sep 8, 2015) - FeeX, a free service that helps people save big money on their retirement savings by showing them the fees they pay in their investment and retirement accounts and offering lower-cost alternatives, today announced that Vikram S. Pandit has joined Collaborative Fund in its latest round of funding. The round led by Collaborative Fund included existing investors and raised $2.75 million.

"It's my pleasure to welcome Vikram as an investor," said Yoav Zurel, CEO of FeeX. "He truly believes in our mission to help Americans save as much money as possible by identifying and reducing financial fees in their retirement and investment accounts. We hope to draw on his extensive expertise as we continue to scale in the U.S. and expand to expose all types of hidden fees in retirement accounts, bank accounts, credit cards, insurance, life insurance and more."

Pandit, former chief executive officer of Citigroup, has been investing in businesses that leverage technology to democratize financial services, empower consumers and transform businesses and industries.

Every year, Americans spend roughly $600 billion on financial fees without even knowing it.1 To provide more transparency, FeeX examines investments and reveals the fees people are paying in their portfolios, including expense ratios from mutual funds, fees from financial advisors, account maintenance fees, asset-based fees and more. FeeX's sophisticated algorithms condense the information into an easy-to-read format that shows how much people actually pay for the privilege of saving and investing. FeeX then provides alternatives that can reduce, or sometimes eliminate, these fees.

Collaborative Fund is recognized as the leading source of capital for entrepreneurs pushing the world forward.

"We've been excited about FeeX for over a year and see endless potential to level the playing field for consumers," said Collaborative founder and managing partner Craig Shapiro. "They are delivering data on fees that users cannot find anywhere else. But more than that, FeeX is providing those same users, many of them young investors, with alternatives that will benefit them greatly in the long run."

In July, the company rolled out the 401k Rollover Center, which analyzes fees associated with a user's inactive 401k accounts. Based on this analysis, the system tells the user whether they are better off keeping their investments where they are, rolling them over to a lower-cost IRA or rolling them into their new employer's 401k. More than 54 million people in the United States are saving for retirement in 401k plans2 and with millions of people changing jobs each year,3 FeeX's 401k Rollover Center can provide users with recommendations on maximizing potential retirement savings by minimizing excessive fees.

For more information, visit: www.FeeX.com.

About FeeX
FeeX is a service that finds and helps reduce fees within investment and retirement accounts like IRA, brokerage accounts and more. Simply link investment accounts and FeeX's sophisticated algorithm uncovers advisory, investment and expense ratio fees and suggests alternative ways to save and reduce the cost of retirement. In 2015, Fast Company named FeeX No. 3 of the World's Top 10 Most Innovative Companies in Personal Finance. And FeeX was named one of Europe's hottest startups in the Sept. 2015 issue of WIRED magazine. The company was founded in September 2012 by Yoav Zurel, David Weisz, Eyal Halahmi and Uri Levine -- creator of Waze (which was acquired by Google in mid-2013). FeeX is a Registered Investment Advisor with the SEC. For more information, visit: www.FeeX.com.

1 State Street Center for Applied Research and Global Asset Management 2014: Steering the Course to Growth

2 The Investment Company Institute and the Employee Benefit Research Institute.

3 US Department of Labor Bureau of Labor Statistics, June 2015.

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