Fintech startup Bright Money raises $62M in equity and debt round
The funding includes $50 million in debt from Encina Lender Finance and $12 million in equity led by Alpha Wave, Hummingbird, and PeakXV.
, 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 fintech startup that helps Americans get out of debt, with the power of data science. 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.
“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," said Petko Plachkov, Co-founder & Co-CEO, of Bright Money. "The funding will be deployed towards building robust teams across product development, technology, analytics, and support functions like compliance and customer service,” he added.
Edited by Megha Reddy