Consumer fintech startup Bright Money secured $62 million in funding in a mix of debt and equity. The equity portion, amounting to $12 million, was led by prominent investors such as Alpha Wave, Hummingbird, and PeakXV, according to moneycontrol report.
Additionally, the fintech startup raised $50 million in debt, with Encina Lender Finance leading this particular funding round.
The startup plans to utilise the funding towards product building and hiring across teams like product development, technology, analytics, and support functions like compliance and customer service, the company said in a media statement.
Founded in 2019 by a team from McKinsey’s Banking Practice Petko Plachkov and Avi Patchava and former InMobi Data Scientists Varun Modi, Avinash Ramakath, Jay Merwade, Amit Bendale, the company aims to reshape how global retail banks operate driven by big data and AI.
“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 Modi, Cofounder & CTO, of Bright Money.
In September 2021, the firm raised $31 million led by Peak XV (formerly Sequoia), Falcon Edge and Hummingbird Ventures. Bright Money was a part of the first cohort of Surge, Sequoia India’s scale-up program.
“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,” said Avi Patchava, Co-founder of Bright Money.
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