Peak Xv Backed Bright Money Raises 62 Million In Equity Debt Mix

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... 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.

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. San Francisco-based fintech startup Bright Money has raised $62 million in a mix of debt financing and equity infusion from new as well existing investors. While new investor Encina Lender Finance provided a debt of $50 million, existing investors Alpha Wave Global, Peak XV (erstwhile Sequoia India) and Hummingbird VC collectively infused $12 million in follow-on bets. This investment is poised to help Bright Money build its presence amongst millennials in the US, according to a statement.

“We have seen a 6x growth in the last year and now reach hundreds of thousands of users,” said Avi Patchava, co-founder and co-chief executive officer at Bright Money. Founded by Patchava, Petko Plachkov, Varun Modi, Avinash Ramakanth, Jay Merwade and Amit Bendale, Bright Money focusses on personal lending and credit cards. 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.” 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.

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