Personal Finance Social Net Wesabe Closes $4 Million First Round

Wesebe, a site that uses social community tools to let people seek and share financial advice from other consumers, has raised $4 million in a first round funding led by Union Square Investors. O’Reilly AlphaTech Ventures, which led the undisclosed seed round for Berkeley-based Wesabe, also participated in this round. The company plans to use the funding to develop new features for the site and expand the usage of its member-owned financial information database, which is currently tracking more than $500 million in transactions. Release

Red Herring: The site has a number of revenue opportunities it can tap. It might offer paid professional accounts, which could provide additional features for investors. Another prospect, though some users might protest, involves selling targeted advertising based on members’ collected financial data.

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