Vikram Pandit, the former chief executive officer of Citigroup Inc., is among investors backing FeeX, a venture that helps consumers avoid hidden costs in financial products.
Pandit may advise FeeX as the startup seeks to expose fees in credit-cards and insurance, according to a Marketwired statement Tuesday from the company, which already reviews retirement and savings accounts. He joined a group that provided $2.75 million to FeeX, a free service that was founded in 2012, according to the statement.
Citigroup is the third-largest bank in the U.S. and the world’s biggest credit-card lender. Since being forced out by the bank in 2012, Pandit has focused on smaller finance and tech ventures. He invested in student-loan startup CommonBond Inc. and Dataminr, a company that analyzes Twitter posts to provide clients with news.
“We hope to draw on his extensive expertise as we continue to scale in the U.S.,” FeeX CEO Yoav Zurel said in the statement. “He truly believes in our mission to help Americans save as much money as possible by identifying and reducing financial fees.”