Financial health platform Brightside launches, alongside $4m seed round

Brightside, an employee financial health platform, has launched its services, alongside a $4m seed investment.

Comcast Ventures led the round, with Trinity Ventures also making a commitment.

Brightside has also appointed Accolade founding CEO and co-founder Tom Spann as its new CEO.

San Francisco-headquartered Brightside is a financial wellness solution that combines personal assistants and smart technology to lower financial stress of employees. The mobile app uses behavioural science to find the best prices for financial products, helping them to save more money.

One example of its benefits given by the company is an employee that was able to save $3,000 in credit card interest payments, lowering the debt time by two years and improving their credit score.

Comcast senior vice president of Total Rewards Shawn Leavitt said, “For years, companies have focused on the physical and emotional health of employees, offering a myriad of solutions, without nearly as much emphasis on their financial well-being.

“Now, we as employers are recognizing the impact financial health has on our workforce. Brightside helps our employees better navigate and manage their financial well-being, and also gives us a competitive advantage by enhancing the portfolio of benefits we offer and making our benefits package more meaningful to people’s everyday lives.”

This investment marks Comcast’s third FinTech deal of the year, having recently co-led the $25m Series B round of home insurance platform Hippo. The Californian company offers policies for the property and its contents, while helping to save up to 25 per cent compared to traditional insurers, according to the company.

ComCast’s other deal in the space this year was a contribution to compliance platform BigID’s $14m round, which was raised to support the growth of its Israel-based engineering team.

Copyright © 2018 FinTech Global

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