APN News

  • Saturday, June, 2024| Today's Market | Current Time: 04:08:41
  • Bright Money Raises USD 62 mn in an Equity and Debt Round

    Published on September 27, 2023

     BANGALORE  – Bright Money, a consumer fintech company that helps users get out of debt, with the power of AI and credit products, announced today that they have closed a USD 62 million round of funding. The funding includes USD 50 million in debt from Encina Lender Finance and USD 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 U.S. and Canada.

    The Bright Money App helps consumers get out of debt, with the power of AI and machine learning. The mobile app combines all the technology needed to manage and get rid of debt. 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.

    “Bright Money’s mission is to empower individuals to build for “Life After Debt” by focusing on eradicating credit card debt, enhancing credit scores, and boosting savings. At Bright Money, we exist to give users a path to being debt-free with AI-driven financial planning. Bright Money’s intelligent systems help create personalized payment plans along with working as a data-powered assistant in money management” said Varun Modi, Co-founder & CTO, of Bright Money.

    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). The company aims to reshape how global retail banks operate driven by big data and AI. Bright Money focuses on the liabilities of a consumer: personal lending and credit cards. Bright Money currently has a team of 180+ employees with a majority of the Core Product, Tech, Data, Marketing and Service teams all based out of India.  

    Avi Patchava, Co-founder & Co-CEO, of Bright Money says, “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“.

    According to a recent report, the total US consumer debt has recently crossed $17 trillion for the first time on record. Bright Money’s products target the deletion of credit card debt, building credit scores, and increasing savings, The platform has now expanded into refinance lending, and soon into credit cards. The company has currently set up a very strong team in India across all functions, while a smaller team operates out of the US.

    “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,” said Petko Plachkov, Co-founder & Co-CEO, of Bright Money.


    Leave a Reply