citybiz+ Finance App Copilot Closes on $6 Million Series A Led by Adjacent

New York-based Copilot, a personal finance app seen as an alternative to the discontinued Mint, has raised $6 million in a Series A round led by Adjacent. Other backers include several early-stage funds and angel investors such as Adobe’s Scott Belsky, Stripe’s Jeff Weinstein, and former Airbnb executive Lenny Rachitsky, and a bunch of entrepreneurs — Front’s Mathilde Collin, Mercury’s Immad Akhund, Density’s Andrew Farah, Primer’s Ryan Delk, Casper’s Neil Parikh and Campsite’s Brian Lovin.

Founded by former Google engineer Andres Ugarte and Gabriel Diéguez Franzani, both natives of Chile, Copilot achieved profitability in 2023, as subscriber numbers crossed 100,000 in a surge over the past four months.

“Truly excited to partner with Andres and have Copilot join the Adjacent gang. Special founder, product and momentum,” Adjacent founder Nico Wittenborn said in a LinkedIn post. Adjacent was founded by Nico Wittenborn, who previously served Insight Partners and Point Nine Capital. Its portfolio includes Revolut, Calm, Niantic, Backbone, PhotoRoom, and BeReal.

‘Lived Experience’

Copilot emerged from Ugarte’s own personal experience — he found it challenging to organize his personal finance, even as he, ironically, helped organize the world’s information at Google. “I tried every app out there, but they always fell short – either too clunky or simply inaccurate,” he recalled, adding that the frustration led him to “gamble” his savings on building a finance app that didn’t make managing money a chore.

“Many thought I was diving into an oversaturated market where Mint was already the clear winner. But as Copilot began taking shape, I knew I had something special,” Ugarte said. “My friends were finally using the app out of genuine preference, not as a personal favor. That’s when I knew it was time to scale up.”

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Ugarte then brought aboard Diéguez Franzani, a “brilliant” friend from his engineering-school days, and together the duo launched the app in 2020. “Our metrics may give the impression of an overnight success: We’ve grown more in the last 4 months than in our first 4 years in business,” he said.

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Expansion Ahead
Copilot, which has mainly served Apple users, now plans to target Android users and additionally make it the “go-to financial hub for everyone, everywhere.” It is also doubling down on artificial intelligence, supplementing its use of machine learning to personalize spending categorization.

“We believe that a thoughtful approach to AI can have a massive positive impact on our users’ finances,” Ugarte said.