AI-driven fintech startup Bright Money gets USD 31 million from Sequoia Capital
Bright Money, an AI-enabled fintech platform, has raised fresh funds worth $31 million led by Sequoia Capital India, Falcon Edge Capital and Hummingbird Ventures in a Series A funding round at an undisclosed valuation.
Avi, Varun, Amit and Avinash laid the foundation of data sciences for Bright. It brought together Avi’s knowledge of financial products, Varun’s proficiency with building AI engineering, Avinash’s experience with scaling big data consumer tech and Amit’s expertise as a professional data scientist.
“The app pays off my credit card on its own. It pays off debt fast and so conveniently,” says Ashley, a Bright user.
The startup provides AI-driven financial planning for everyone and builds global consumer products. It functions to double the wealth of middle-income consumers by enabling better financial decisions, boosted by behavioural design and data sciences. It helps to build a positive on-time payment history to lower credit utilization.
The platform builds the savings automatically, based on the goals of the user.Bright makes smart payments with its MoneyScience feature which studies the finances and adapts to the shifting needs automatically. It is a new patented system developed by over 120 experts in financial services and data science, tested on over 50,000 users.
According to the company, “The system researches each user’s individual spending habits and evaluates the fastest, smartest ways to meet their individual goals. MoneyScience does it all automatically, making payments and creating budgets, always optimized for savings. It even adjusts automatically when users’ finances change.”
“Bright actually saves money and pays your credit cards from the money it saves for you. The idea is simple and amazing. I have never felt so financially secure before,” says Robert, another Bright user.
Currently, Bright has over 50,000 American users and $150 million paid off in credit card debt.
Fintech has been an area of investor interest for many years largely fuelled by consumer demand as more people transact online. Moreover, the Covid-19 pandemic boosted the need for more Bright money like fintech companies.
Avi, Varun, Amit and Avinash laid the foundation of data sciences for Bright. It brought together Avi’s knowledge of financial products, Varun’s proficiency with building AI engineering, Avinash’s experience with scaling big data consumer tech and Amit’s expertise as a professional data scientist.
“The app pays off my credit card on its own. It pays off debt fast and so conveniently,” says Ashley, a Bright user.
The startup provides AI-driven financial planning for everyone and builds global consumer products. It functions to double the wealth of middle-income consumers by enabling better financial decisions, boosted by behavioural design and data sciences. It helps to build a positive on-time payment history to lower credit utilization.
The platform builds the savings automatically, based on the goals of the user.Bright makes smart payments with its MoneyScience feature which studies the finances and adapts to the shifting needs automatically. It is a new patented system developed by over 120 experts in financial services and data science, tested on over 50,000 users.
According to the company, “The system researches each user’s individual spending habits and evaluates the fastest, smartest ways to meet their individual goals. MoneyScience does it all automatically, making payments and creating budgets, always optimized for savings. It even adjusts automatically when users’ finances change.”
“Bright actually saves money and pays your credit cards from the money it saves for you. The idea is simple and amazing. I have never felt so financially secure before,” says Robert, another Bright user.
Currently, Bright has over 50,000 American users and $150 million paid off in credit card debt.
Fintech has been an area of investor interest for many years largely fuelled by consumer demand as more people transact online. Moreover, the Covid-19 pandemic boosted the need for more Bright money like fintech companies.
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