Bright Money raises $62 million in equity and debt funding
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 Bendale, Bright Money is a consumer-focused fintech startup dedicated to assisting Americans in managing and reducing their debt through the innovative use of data science. 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 and 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 help people get out of debt and build their credit. The funding will be deployed towards building robust teams across product development, technology, analytics, and support functions like compliance and customer service.”
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 Bendale, Bright Money is a consumer-focused fintech startup dedicated to assisting Americans in managing and reducing their debt through the innovative use of data science. 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 and 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 help people get out of debt and build their credit. The funding will be deployed towards building robust teams across product development, technology, analytics, and support functions like compliance and customer service.”
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