Consumer Fintech Startup Bright Money Raised 62 M Series B Funding

See the top gainers, losers, invest and get updated what's happening in the crypto market Discover the secret world of unlisted shares — analyse India's top pre-IPO companies and invest before they hit the markets Consumer fintech startup Bright Money on September 27 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. 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... Bengaluru and San Francisco-based consumer fintech startup Bright Money has one mission: to revolutionize global credit banking using the mighty combo of big data and AI. Armed with a recently raised $62 million in Series B, the artificial intelligence-enabled personal finance platform wants to aggressively expand its reach. The funding comprises a $50 million debt offering from Encina Lender Finance and $12 million in equity led by Alpha Wave, Hummingbird, and Peak XV Partners (formerly Sequoia Ventures). In September 2021, Bright Money raised $31 million in a Series A round led by Peak XV, Hummingbird Ventures, and Falcon Edge Capital. Join 20,000+ subscribers getting the latest business, career, and financial information in the technology industry across emerging markets globally.

Delivered to your inbox, every week(end). Unsubscribe anytime. Please check your junk email folder, if it doesn't arrive in your inbox. 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.” Bright Money, a consumer fintech startup with offices in Bengaluru and San Francisco, has raised $62 million in what appears to be a Series B round of funding. The funding is made up of $12 million in equity led by Alpha Wave, Hummingbird, and Peak XV Partners and $50 million in debt from Encina Lender Finance. In the US and Canada, Encina Lender Finance offers lending solutions to consumer and business specialty finance companies.

A $31 million Series A round for Bright Money was led by Peak XV, Falcon Edge Capital, and Hummingbird Ventures in September 2021. According to a press release from the company, the new funding will allow Bright Money to aggressively target millennials, particularly in the US. Four-year-old Bright Money offers products like credit score improvement, automated debt repayment plans, financial planning software, budgeting tools, and refinancing loans to assist consumers in getting out of debt. It deals in student, auto, and credit card loans. With the help of big data and AI, the company hopes to transform how international retail banks run. More than 180 people work for it currently, with the majority of the core product, tech, data, marketing, and service teams all based in India.

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.

US-based consumer fintech start-up Bright Money has secured $62 million in a fresh round of funding, which consists of a mix of debt and equity. Encina Lender Finance provided the fintech with $50 million in debt funding, in addition to $12 million in equity funding led by Alpha Wave, Hummingbird and PeakXV. Founded in 2019 and headquartered in San Francisco, California, with an office in Bengaluru, India, Bright Money describes itself as an artificial intelligence (AI)-led bank specifically designed for consumers living with high levels of... By offering its AI-powered mobile app and customised credit products, Bright Money seeks to help consumers pay off their debts, student loans, auto and home loans, and credit card bills. Its products include credit score building, automated debt payments, financial planning and budgeting tools, and refinancing loans. With the fresh funding, Bright Money says it plans on expanding its team across product development, technology, analytics, compliance and customer service.

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