Today, consumer fintech firm Bright Money has declared a $62 million raise from an equity and debt round, according to news sources in India.
The funds comprise $50 million in debt from Encina Lender Finance, alongside $12 million in equity spearheaded by Alpha Wave, Hummingbird, and PeakXV.
“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 and CTO of Bright Money.
Bright Money was founded in 2019 and has its headquarters in San Francisco, California, and an office in Bengaluru, India. The company identifies itself as an AI-driven bank tailored specifically for consumers grappling with substantial levels of debt.
On the equity and debt round, Avi Patchava, Co-founder and co-CEO of Bright Money, said: “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.”
Featured image: Credit Bright Money
