Fintech Startup Bright Money Raises 62m Debt And Equity Funding

Bonisiwe Shabane

-Dec 28, 2025, 5:39 AM

fintech startup bright money raises 62m debt and equity funding

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 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! 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 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.

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Congratulations! Your e27 Pro membership is now active. 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... 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... 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.

Fintech Startup Bright Money Raises 62m Debt And Equity Funding

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