University of Kwazulu-Natal

Bright Money Secures 62m In Equity And Debt Funding Round

Bonisiwe Shabane
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bright money secures 62m in equity and debt funding round

Bright Money, a consumer fintech firm, has successfully raised $62 million in its latest funding round. This funding comprises $50 million in debt financing from Encina Lender Finance and $12 million in equity investment led by Alpha Wave, Hummingbird, and PeakXV. Encina Lender Finance specializes in providing lending solutions to consumer and commercial specialty finance companies in the US and Canada. Established in 2019 by a team combining expertise from McKinsey’s Banking Practice, including Petko Plachkov and Avi Patchava, and data scientists from InMobi, including Avi Patchava, Varun Modi, Avinash Ramakath, Jay Merwade, and Amit... The company offers a mobile app equipped with an array of tools and products designed to help individuals effectively handle and eliminate debt. Bright Money’s product suite encompasses credit score improvement, automated debt reduction plans, financial and budget planning tools, as well as refinancing options.

Its services extend to credit cards, student loans, and car loans. Avi Patchava, Co-founder & Co-CEO of Bright Money, expressed, “At Bright Money, 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. Our team is passionate about the application of Data Sciences and AI to solve real-world problems for the everyday consumer who is managing high debt.” Petko Plachkov, Co-founder & Co-CEO of Bright Money, added, “At Bright Money, we are a team of Data Scientists, Engineers, Product Builders, and Service professionals who want to build the world’s best technology to... The funding will be deployed towards building robust teams across product development, technology, analytics, and support functions like compliance and customer service.”

Consumer fintech startup Bright Money today said it has raised $62 million in a new round of funding, which includes $50 million in debt and $12 million as equity. Encina Lender Finance led the debt funding, while the equity funding was led by Alpha Wave, Hummingbird, and PeakXV, as per the company's statement. Bright Money was founded in 2019 by a team from McKinsey’s Banking Practice (Petko Plachkov and Avi Patchava) and InMobi Data Scientists (Avi Patchava, Varun Modi, Avinash Ramakath, Jay Merwade, Amit Bendale). The fintech startup offers products that include credit score building, automated debt paydown plans, financial planning, budget planning tools, and refinance loans Bright Money said the raised capital would be utilized towards building robust teams across product development, technology, analytics, and support functions like compliance and customer service. Currently, the startup has an employee base of more than 180 people with a majority of the core product, tech, data, marketing and service teams all based out of India.

Bright Money has established a substantial team in India, covering all functions, with a smaller team based in the US. Consumer fintech company Bright Money said on Wednesday that it had closed a $62 million funding round. The funding includes $12 million in equity led by Alpha Wave, Hummingbird, and PeakXV and $50 million in debt from Encina Lender Finance. In the US and Canada, Encina Lender Finance offers lending solutions to consumer and commercial speciality financing companies. Bright Money is a consumer fintech startup that uses data science to help Americans get out of debt. It was founded in 2019 by a team from McKinsey’s Banking Practice (Petko Plachkov and Avi Patchava) and InMobi Data Scientists (Avi Patchava, Varun Modi, Avinash Ramakath, Jay Merwade, and Amit Bendale).

It’s a mobile app which includes all the products and tools someone needs to manage and minimize debt. 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. “At Bright Money, 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. Our team is passionate about the application of Data Sciences and AI to solve real-world problems for the everyday consumer who is managing high debt,” stated Avi Patchava, Co-founder and co-CEO of Bright Money.

“At Bright Money, we are a team of Data Scientists, Engineers, Product Builders, and Service professionals who want to build the world’s best technology to help people get out of debt and build their... “The funding will be deployed towards building robust teams across product development, technology, analytics, and support functions like compliance and customer service,” he added. Bright Money Secures $62M in Equity and Debt Funding Round Investors:- Encina Lender Finance, LLC Alpha Wave Global, LP Hummingbird Ventures Peak XV Partners ****************** To get your startup story featured:- https://lnkd.in/gdZZn36c Join startup... Consumer fintech company Bright Money on Wednesday announced it has raised $62 million in an equity and debt round. Bengaluru, Sep 27 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.

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