Bright Money, has successfully closed a $62 million round of funding to expand their fintech tehnology professional teams across various crucial domains, including product development, technology, analytics, compliance, and customer service.
The company empowers Americans to break free from the shackles of debt through the application of cutting-edge data science. Their innovative solution comes in the form of a mobile app equipped with an array of products and tools designed to effectively manage and eliminate debt.
Bright Money’s diverse range of products includes credit score enhancement, automated debt repayment plans, financial and budget planning tools, and refinancing options. The platform seamlessly addresses various forms of debt, including credit cards, student loans, and car loans.
Avi Patchava, Co-founder & Co-CEO of Bright Money, emphasized the company’s commitment to leveraging data as a catalyst for positive change. “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 Patchava.
Bright Money Chalks Out Aggresive Growth Plans
Petko Plachkov, Co-founder & Co-CEO of Bright Money, echoed this sentiment by highlighting the company’s dedication to developing top-notch technology for debt relief and credit building. “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 Plachkov. He further explained that the freshly acquired funding would be channeled into expanding their teams across various crucial domains, including product development, technology, analytics, compliance, and customer service.
With the infusion of $62 million in funding, Bright Money is well-positioned to continue its mission of helping individuals regain financial freedom while expanding its capabilities and reach within the consumer fintech landscape. The company’s dedication to using data science and AI to address the real-world challenges of debt management and credit building remains at the forefront of its growth strategy.
This funding round comprises $50 million in debt financing provided by Encina Lender Finance, a leading lending solutions provider for consumer and commercial specialty finance companies in the United States and Canada. Additionally, Bright Money secured $12 million in equity funding led by Alpha Wave, Hummingbird, and PeakXV.
Bright Money, was founded in 2019 by a dynamic team consisting of Petko Plachkov and Avi Patchava from McKinsey’s Banking Practice, as well as InMobi Data Scientists including Avi Patchava, Varun Modi, Avinash Ramakath, Jay Merwade, and Amit Bendale, has swiftly risen to prominence in the consumer fintech sector.
