Albert

Albert is a consumer personal finance application built around Genius, a personal financial assistant. The product aggregates a user's accounts to present a full financial picture and spans budgeting, spending and cash-flow monitoring, bill and subscription tracking, forecasting of upcoming large expenses, banking, saving, investing and account protection. Genius is positioned as an assistant that executes tasks on the user's behalf, including transferring funds between accounts, buying and selling investments, building a financial plan, finding products and deals that fit a budget, assembling travel itineraries, storing and summarizing documents such as insurance policies, and sending customizable alerts.

Budgeting features include automatic transaction categorization, spending and monthly cash-flow monitoring, and detection of recurring bills and subscriptions with help lowering or cancelling them. A Forecast tool lets users map a budget over coming months, add milestones such as a vacation or a car purchase, and adjust timing or costs. Genius also identifies small amounts of money a user can set aside and moves them into savings automatically. Banking features advertised include cash back on spend, early payday and fee-free ATMs; savings include user-created savings vaults; investing covers stocks, ETFs and strategies managed by Albert. Protection features cover 24/7 identity and account monitoring, dark web monitoring, credit report alerts, fraud alerts, online data-privacy removal, and up to $1M of ID theft insurance for eligible losses and fees. Albert states it is not a bank and that banking services are provided by partner banks. General Atlantic describes Albert as a financial services company providing financial advice and automated savings guidance to consumers.

Business model

Albert delivers a consumer mobile app that bundles budgeting and financial tracking with banking, savings, investing and identity-protection services, with the Genius assistant presented as the premium layer that unlocks the full capability of the platform. Banking services are delivered through partner banks rather than by Albert itself.

Traction

The company's site reports more than 10 million customers, over 200,000 five-star app reviews, more than $2 billion saved and invested, and more than $13 billion budgeted, tracked and managed.