FeeX raised a small $2.75m Series B2 led by Collaborative Fund. Since 2012 FeeX has raised a total of $12.1m. The company helps investors understand how much they are paying on their investments in the form of fees.
To use FeeX, consumers create an account on its website and connect the investment accounts they want it to scan. Citing research from State Street that found Americans spend about $600 billion on hidden financial fees every year, FeeX says its goal is to save users money and increase transparency in the financial industry. Its algorithms identify costs that people often overlook—including account maintenance fees, asset-based fees, and expense ratios from mutual funds—and presents it in a report along with alternative financial products that may be less costly.