Financial wellness platform BrightPlan has closed its Series A round on $9.5m, as it looks to continue its growth momentum that helped it boost its annual recurring revenue nearly fivefold in 2020.
The round was led by the Fremont Group and the Cynosure Group, with commitments also coming from Still Capital Partners and Hawk Partners.
This equity infusion will help the company bolster its expansion and continue product innovation, as it looks to improve financial outcomes for enterprises and employees.
In 2020, the FinTech managed to increase its annual recurring revenue awarded nearly fivefold and added several enterprise customers, including Genesys and Rubrik.
BrightPlan integrates with employer benefits to offer a complete finance solution for all employees that is real-time and personalised to help reduce financial stress.
It leverages AI to offer deeper personalisation for employees and streamline routes to accomplish financial goals. The user dashboard offers deep financial insights to enhance use and help set priorities.
BrightPlan founder and CEO Marthin De Beer said, “Last year put the focus back where it should be―on benefits that really matter to employees.
“Today’s workforce ranks financial wellness as more important than healthcare benefits and seeks solutions to address soaring financial stress. With this new funding, BrightPlan will expand our efforts and partner with more companies to engage employees on their financial futures while fueling business growth. Our goal is to democratize financial wellness and make Total Financial Wellness a ‘must-have’ benefit for every enterprise.”
As part of the investment, Workday board member George Still, Jr. will join the BrightPlan board of directors.
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