Get All Access for $5/mo

Bright Money Raises $62 Million In Equity And Debt Round The funding will be deployed towards building robust teams across product development, technology, analytics, and support functions like compliance and customer service

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company handout

Bright Money, a consumer fintech company, has announced today that they have closed a $62 million round of funding. The funding includes $50 million in debt from Encina Lender Finance and $12 million in equity led by Alpha Wave, Hummingbird, and PeakXV. The company said the funding will be deployed towards building robust teams across product development, technology, analytics, and support functions like compliance and customer service.

"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 and CTO, Bright Money.

Bright Money products include credit score building, automated debt paydown plans, financial planning, budget planning tools, and refinance loans. Founded in 2019, the company said it aims to reshape how global retail banks operate driven by big data and AI.

"At Bright Money, we have seen a 6 times 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," said Avi Patchava, co-founder and co-CEO, Bright Money.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Growth Strategies

Learn business by doing business across the Globe: The next revolution in Entrepreneurship

As the startup ecosystem sees an influx of new entrepreneurs, the question arises: Is our current business education sufficiently equipping students for the entrepreneurial challenges they will face?

News and Trends

Ethereal Machines Raises USD 13 Mn in Series A led by Peak XV and Steadview Capital

With the raised funds, the Bengaluru-based startup aims to build a new smart factory in Bengaluru and hire AI and software engineers to expand its line of products.


Remove Unwanted Files from Your Work Mac Fast with This $32 Lifetime License

MacCleanse can help you safely and securely clean up your computer.

Business Solutions

How to Build Trust and Transparency With Your Customers While Taking Their Data

In this article, we'll explore why businesses must prioritize customer data security and privacy when embracing innovation and provide guidance on navigating the complex landscape to mitigate inherent risks.

Business News

Their Million-Dollar Home Was Listed 'For Sale By Owner' on Zillow for $10,200 — and Not By Them: 'Zero Help'

A Kansas couple has no intention of selling their five-bedroom home, but people keep knocking on their door.

Growing a Business

This Nurse-Turned-Entrepreneur Saw the Needs of Underserved Communities Firsthand. Now, His Company Uses AI to Help Them.

Kwamane Liddell, the innovative founder behind ThriveLink, shares his entrepreneurial journey.