XpenseWise.com, an infomediary service for banks and other financial institutions, has announced that it has closed its first round of funding.
A total of $3.8 million was raised, led by TD iCapital, along with Washington Mutual, Reliant Energy, and Staenberg Venture Partners.
The XpenseWise service enables backs, online bill consolidators and other financial institutions to cross-sell products.
In addition, the site offers savings on monthly expenses such as long distance, cell phone, mortgage, credit cards, and insurance for their customers who use Electronic Bill Presentment and Payment (EBPP) to pay their bills.
“The service is uniquely positioned to create an efficient win-win for bacnks and consumers,” says Dan Galpern of TD iCapital. “Banks can easily offer additional revenue-generating products and consumers can get the best value options for their needs.”
Galpern, along with Adam Fisher of TD iCapital and Jim Fitzgerald, Senior Vice President of Corporate Development for Washington Mutual, will obtain seats on the company’s board.