Trim

About Trim

Operating under the legal name Ask Benjamin Inc., Trim is a financial technology company founded in 2015 by Thomas Smyth and Daniel Petkevich. The founders, who met at Yale University, created the platform to help Americans improve their financial health. Smyth, who serves as CEO, previously worked as a venture capital investor at Core Innovation Capital, focusing on fintech companies. Petkevich also co-founded Octane Lending and Fair Square Medicare.

Trim functions as a personal finance assistant, automating various money-saving tasks for its users. The platform's core service identifies and cancels unwanted recurring subscriptions. It analyzes a user's spending patterns to find these charges and facilitates cancellation via text or messenger. The company also offers bill negotiation services for expenses like cable, internet, phone, and medical bills, aiming to secure lower rates and better payment plans. The business model for this service is performance-based; Trim takes a 15% commission on the annual savings it achieves for the user.

The company's platform provides both free and premium services. Free features include a financial dashboard, spending alerts, and subscription monitoring. Premium offerings encompass bill negotiation, subscription cancellation, and a high-yield savings account. Since its inception, Trim reports having analyzed approximately 1 billion customer transactions and had over 600,000 users with linked bank accounts by April 2021. A significant milestone occurred in April 2021 when OneMain Financial, a large installment lender, acquired Trim to enhance its digital financial wellness features. Following the acquisition, the service is also known as OneMain Trim, LLC, but continues to do business as Trim.