BillShrink raises $8 million in Series B funding

Company also unveils "My Account" feature, which lets users track the progress of their savings and view a personalized activity log that analyzes changes in the market.

BillShrink on Tuesday announced that it raised $8 million in Series B funding in a round that was led by Trinity Ventures and Bessemer Venture Partners.

According to BillShrink, its service helps visitors find savings of more than $300 per year on wireless plans and $1,000 per year on credit cards. To further help users save money on bills, the company also announced Tuesday that it has launched a "My Account" feature, which will let them track the progress of their savings and view a personalized activity log that analyzes changes in the market.

BillShrink initially launched in April as a service that would help users save money on cell phone bills. Since then, the company has expanded to add credit card savings to its offering and its executives claim they will use the new round of funding to expand into other vertical markets.

To help them do that, BillShrink has amassed a capable team to lead the way. The company announced that in conjunction with the funding round, Gus Tai, general partner at Trinity Ventures, will join existing member Matt Coffin, founder of LowerMyBills, on the board. David Cowan from Bessemer Venture Partners, who led Series A funding for $1 million, also sits on the company's board. Cowan is best known as the co-founder of VeriSign.

But BillShrink is competing in a hotly contested market. Sites like Mint aim to help users save money in all facets of their financial lives, while Validas, which claims to save customers up to 20 percent, uses a fee-based structure to deliver savings.

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