Bright Money, an artificial intelligence (AI)-enabled personal finance platform, on Tuesday said it has raised $62 million in a mix of debt and equity from Encina Lender Finance, Alpha Wave, Hummingbird, and PeakXV. Of the total $62 million, $50 million was raised as debt, while the rest was equity. Founded in 2019 by Avi Patchava, Petko Plachkov, Varun Modi, Alex Seyfert, Avinash Ramakath and Amit Bendale, Bright Money claims to help consumers take control of their debt and start building real wealth, doing all the data-crunching and financial planning on their behalf. It uses AI and machine learning to let its users, typically millennials, in credit score building, automated debt paydown plans, financial planning, budget planning tools, and refinance loans. It works with credit cards, student loans, and car loans. The platform has now expanded into refinance lending, and will soon enter credit cards. “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.” Avi Patchava, Co-founder & Co-CEO, of Bright Money, said.
Comments