Fintech Firm Bright Money Raises Rs 515 Cr In Equity Debt Funding

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... 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...

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. PierSight receives $600,000 in pre-seed funding led by All In Capital Zeron Secures $500,000 in a Seed Funding Round Headed by Varanium Capital © 2025 siliconindia.com All rights reserved. Newsletter | Privacy Policy | Editorial Policy | Feedback Policy 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

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Bright Money, a consumer fintech company, has announced today that they have closed a $62 million round of funding. The funding includes $50 million in debt from Encina Lender Finance and $12 million in equity led by Alpha Wave, Hummingbird, and PeakXV. The company said the funding will be deployed towards building robust teams across product development, technology, analytics, and support functions like compliance and customer service. "Bright Money's mission is to empower individuals to build for 'Life After Debt' by focusing on eradicating credit card debt, enhancing credit scores, and boosting savings. 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 Varun Modi, co-founder and CTO, Bright Money.

Bright Money products include credit score building, automated debt paydown plans, financial planning, budget planning tools, and refinance loans. Founded in 2019, the company said it aims to reshape how global retail banks operate driven by big data and AI. 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. The startup has raised $50 Mn in debt from Encina Lender Finance and $12 Mn in equity led by Alpha Wave, Hummingbird, and Peak XV This infusion will enable Bright Money to aggressively cater to millennials, especially in the US, the startup said Founded in 2019, Bright Money focuses on the liabilities of a consumer: personal lending and credit cards Consumer fintech startup Bright Money has secured $62 Mn funding in a mix of equity and debt.

The startup has raised $50 Mn in debt from Encina Lender Finance and $12 Mn in equity led by Alpha Wave, Hummingbird, and Peak XV.

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