Bright Money, an AI-based fintech platform, raises $62M to revolutionize global credit banking
Bengaluru and San Francisco-based consumer fintech startup Bright Money has one mission: to revolutionize global credit banking using the mighty combo of big data and AI.
Armed with a recently raised $62 million in Series B, the artificial intelligence-enabled personal finance platform wants to aggressively expand its reach. The funding comprises a $50 million debt offering from Encina Lender Finance and $12 million in equity led by Alpha Wave, Hummingbird, and Peak XV Partners (formerly Sequoia Ventures).
In September 2021, Bright Money raised $31 million in a Series A round led by Peak XV, Hummingbird Ventures, and Falcon Edge Capital.
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According to the company, the new funding will be deployed towards building robust teams across product development, technology, analytics, and support functions like compliance and customer service.
Founded in 2019, Bright Money specializes in personal lending and credit card solutions within the fintech sector. Its comprehensive suite of offerings includes credit score enhancement, automated debt repayment plans, financial and budget planning tools, and refinancing options, covering a wide range of financial needs, including credit cards, student loans, and car loans.
Bright Money claimed it marked an impressive sixfold increase in user base over the past year, now catering to hundreds of thousands of users seeking innovative and tech-driven financial solutions.
Although it has reportedly laid off 100 employees (equivalent to 50% of its team) in the past year, the company remains resolute in its mission to revolutionize the fintech landscape and empower consumers with AI-powered financial tools.