Fintech Startup Bright Money Raises $62M Debt and Equity Funding
- Fundraising News
- 27.09.2023 03:00 pm
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 debt.
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.
Avi Patchava, co-founder and co-CEO of Bright Money, claims the company has experienced “6x growth” in the last year, reaching “hundreds of thousands” of users. The start-up was in the news for laying off nearly 100 employees in July last year.