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Fintech Startup Bright Money Raises 62m In Equity And Debt Round

Bonisiwe Shabane
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fintech startup bright money raises 62m in equity and debt 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.”

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... Wednesday September 27, 2023 , 2 min Read

Bright Money , a consumer fintech company, on Wednesday said it has 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. Encina Lender Finance provides lending solutions to consumer and commercial specialty finance companies across the US and Canada. 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), Bright Money is a consumer... It is a mobile app, packed with all the products and tools that someone needs to manage debt and get rid of it. 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 & Co-CEO, of 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. Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

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. 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.

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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 C...

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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 ...

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Bright Money , a consumer fintech company, on Wednesday said it has 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. Encina Lender Finance provides lending solutions to consumer and commercial specialty finance companies across the US and Canada. Founded in 2019 by a team...

It Works With Credit Cards, Student Loans, And Car 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 hi...