Bright Money Raises Usd 62 Mn In Equity Debt Funding Banking

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Information you can trust:Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day, Sign up for our free daily newsletter: thomson@reutersmarkets.com If you are an entrepreneur or a startup founder with an interesting founding story, tell us and siliconindia startupcity may end up telling the whole world about it. startupcity encourages successful startups to share their success stories and get featured in our My Startup Journey section. startupcity empowers and inspires young entrepreneurs by delivering useful and original content to its readers. startupcity wants to hear about the latest and greatest startup stories that will motivate, and inspire aspiring entrepreneurs.startupcity welcomes your stories! Consumer fintech company Bright Money has closed $62 million in what appears to be Series B round for the Bengaluru and San Francisco-based startup.

The funding consists of $50 million debt from Encina Lender Finance and $12 million equity led by Alpha Wave, Hummingbird, and Peak XV Partners. Encina Lender Finance provides lending solutions to consumer and commercial specialty finance companies across the US and Canada. In September 2021, Peak XV, Falcon Edge Capital and Hummingbird Ventures led a $31 million Series A round for Bright Money. The fresh infusion will enable Bright Money to aggressively cater to millennials, especially in the US, the company said in a press release. Four-year-old Bright Money helps consumers get out of debt and its products include credit score building, automated debt paydown plans, financial planning, budget planning tools, and refinance loans. It deals in credit cards, student and car loans.

The company aims to reshape how global retail banks operate driven by big data and AI. It currently has a team of more than 180 employees with a majority of the core product, tech, data, marketing and service teams all based out of India. Consumer fintech startup Bright Money secured $62 million in funding in a mix of debt and equity. The equity portion, amounting to $12 million, was led by prominent investors such as Alpha Wave, Hummingbird, and PeakXV, according to moneycontrol report. Additionally, the fintech startup raised $50 million in debt, with Encina Lender Finance leading this particular funding round. The startup plans to utilise the funding towards product building and hiring across teams like product development, technology, analytics, and support functions like compliance and customer service, the company said in a media statement.

Founded in 2019 by a team from McKinsey’s Banking Practice Petko Plachkov and Avi Patchava and former InMobi Data Scientists Varun Modi, Avinash Ramakath, Jay Merwade, Amit Bendale, the company aims to reshape how... “At Bright Money, we exist to give users a path to being debt-free with AI-driven financial planning. Bright Money’s intelligent systems help create personalized payment plans along with working as a data-powered assistant in money management” said Modi, Cofounder & CTO, of Bright Money. Fintech firm Bright Money on Wednesday said it has raised USD 62 million (about Rs 515 crore) round of funding from a clutch of investors. It has about 95 per cent of employees in India. The funding includes USD 50 million in debt from Encina Lender Finance and USD 12 million in equity led by Alpha Wave, Hummingbird, and PeakXV, Bright Money said in a statement on Wednesday.

Encina Lender Finance provides lending solutions to consumer and commercial speciality finance companies across the US and Canada. ''The funding will be deployed towards building robust teams across product development, technology, analytics, and support functions like compliance and customer service,'' Bright Money co-founder and Co-CEO Petko Plachkov said in the statement Bright... Bengaluru: Consumer fintech company Bright Money on Wednesday announced it has raised $62 million in an equity and debt round. The funding includes $50 million in debt from Encina Lender Finance and $12 million in equity led by Alpha Wave, Hummingbird, and PeakXV. With over 180 team members based in India, the company said it will use fresh funds to aggressively cater to millennials, especially in the US. “At Bright Money, we exist to give users a path to being debt-free with AI-driven financial planning.

Bright Money’s intelligent systems help create personalised payment plans along with working as a data-powered assistant in money management” said Varun Modi, Co-founder and CTO, Bright Money. The Bright Money App helps consumers get out of debt, with the power of AI and machine learning. Bengaluru– Consumer fintech company Bright Money on Wednesday announced it has raised $62 million in an equity and debt round.The funding includes $50 million in debt from Encina Lender Finance and $12 million in... With over 180 team members based in India, the company said it will use fresh funds to aggressively cater to millennials, especially in the US. “At Bright Money, we exist to give users a path to being debt-free with AI-driven financial planning. Bright Money’s intelligent systems help create personalised payment plans along with working as a data-powered assistant in money management” said Varun Modi, Co-founder and CTO, Bright Money.The Bright Money App helps consumers get out...

Bright Money products include credit score building, automated debt paydown plans, financial planning, budget planning tools, and refinance loans. It works with credit cards, student loans and car loans. Founded in 2019, the company aims to reshape how global retail banks operate driven by big data and AI. “We have seen a 6x growth in the last year and now reach hundreds of thousands of users. We believe data is a positive force that can have transformative effects if used effectively,” said Avi Patchava, Co-founder and Co-CEO, of Bright Money.According to a recent report, the total US consumer debt has... The platform has now expanded into refinance lending, and soon into credit cards.

(IANS)

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