Series B Bright Money 2023 09 27 Crunchbase

Bonisiwe Shabane

-Dec 28, 2025, 9:27 AM

series b bright money 2023 09 27 crunchbase

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. Bright's latest funding round was a Series B for $12M on September 27, 2023. Alpha Wave Global, HummingBird, and Peak XV Partners Alpha Wave Global, HummingBird, and Peak XV Partners

Bright has 15 investors. Alpha Wave Global invested in Bright's Series B funding round. Arro is a financial technology company that provides credit-building solutions within the financial services industry. The company offers an unsecured credit builder card for individuals with poor or limited credit history to access mainstream credit, which does not involve hard credit checks. Arro provides financial education tools and an AI money coach to help users improve their credit scores and manage their finances. It was founded in 2021 and is based in Los Angeles, California.

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. 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. Bright Money, a Bengaluru and San Francisco-based fintech that helps consumers manage their finances, has raised $62 million in a Series B round. Bright Money specializes in personal lending and credit card solutions within the fintech sector. Its comprehensive suite of offerings includes credit score enhancement, automated debt repayment plans, financial and budget planning tools, and refinancing options, covering a wide range of financial needs, including credit cards, student loans, and... The funding included $50 million in debt from Encina Lender Finance, and $12 million in equity led by Alpha Wave, Hummingbird, and Peak XV Partners. Bright Money, an AI-Based Fintech Platform, Raises $62M to Revolutionize Global Credit Banking

Check out our research below on the latest Series B funding announcements around the world. Series B startups reaching this stage have achieved a significant milestone, proving they can scale operations and meet growing market demand. The focus shifts from early-stage experimentation to building efficient growth engines and expanding market reach. We compile data every week on newly funded startups and have thousands of companies like this in our master database. The most recent 100 funding announcements are listed in the table below. These highlight the diverse sectors attracting substantial capital, from artificial intelligence and biotechnology to fintech and climate tech solutions.

Growth List subscribers also get details around lead investors, company CEOs, and other key decision makers of these exciting startups. Highlights from all the Series B companies in our Growth List database can be found at the bottom of the page, complete with two years of aggregate funding data. Series B is typically the third major funding round for startups, following Pre Seed, Seed, and Series A stages. At this point, companies have validated product-market fit and are focused on scaling operations, expanding geographically, and building the infrastructure needed for sustainable growth. According to industry benchmarks, median pre-money Series B valuations are approximately $102.8M for primary rounds and $80.8M for bridge rounds. Series B rounds typically range from $20 million to $60 million, though amounts vary significantly based on industry, geography, and company momentum.

Series B Bright Money 2023 09 27 Crunchbase

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