A new company called Credit Sesame wants to help its users juggle their debt and save a huge amount of money.
The site launched in a private test on-stage at the TechCrunch Disrupt conference today in San Francisco. The clean, friendly design reminded me of Mint.com, the startup that offered a simple approach to managing your finances and was acquired by Intuit. And I wasn’t the only one: The first question the startup competition judges asked was how Credit Sesame could compete with Mint.
But Credit Sesame co-founder and chief executive Adrian Nazari insists his company understands debt and loans like no one else does. Based on early users, the service can save you an average of $47,000 across your lifetime, he said.
“There are companies that do lead gen [i.e., recommend loans], but they’re really bad at product knowledge,” he said.
And hey, looking vaguely like Mint isn’t necessarily a bad thing. It means that the site is accessible, despite the complex subject matter. It gives you a grade on your first mortgage, your second equity line, and your overall financial fitness. For each loan that’s sub-optimal, Credit Sesame will make three recommendations for replacements. And you can also see how your financial health is affected by potential changes in your life, like a raise.
Credit Sesame is based in Sunnyvale, Calif. It has raised $1.2 million in funding.
[image via Flickr/Alan Cleaver]