Bridge Money, a FinTech looking to empower lower income Americans earn supplemental income, has raised $5.8m in seed funding.
The round was led by TMV. Founder Collective, Kapor Capital, Acumen America, Bread & Butter Ventures, Revolution Rise of the Rest Seed Fund, Plug and Play Ventures, Basecamp Fund (Alumni Ventures) and Ulu Ventures, among others, also participated.
Founded in 2019, Bridge enables its members to ?fight back inflationand generate meaningful supplemental income.
Members earn money by linking an existing debit card or bank account in the Bridge app and sharing fully consented and anonymized data with third-party businesses through various in-app money making activities, such as cashback, surveys, ad viewing, referrals, and raffles, among others.
The most active Bridge members earn over $200 a month using the app, and earnings can be deposited directly into members bank accounts.
Lalit Janak, founder & chief executive officer of Bridge, said, ?Consumer financial services in America are in the early innings of a tectonic secular shift to digital-first offerings. And yet, nearly all innovation to date has centered on credit products, which do not solve the most critical problem facing lower income consumers: a lack of money.
?Bridge seeks to help its members grow supplemental income, rather than a credit balance, which we believe will gradually help facilitate upward economic mobility for millions of Americans.p>
Bridge seed round follows commitments from prominent angel investors including Margo Georgiadis, former Discover Card CMO and Ancestry.com CEO; Abhi Dhar, CTO of TransUnion; Daren Cotter, Founder and CEO of InboxDollars; Aaron Rankin, CTO of Sprout Social; and Todd E. Benson, former Head of Private Equity at Citigroup, among others.
Bridge said the investment will help it execute its next phase of development and expansion, including adding to its robust line up of in-app money making opportunities, sourcing and executing additional third-party partnerships, and growing its roster of talent.
Another FinTech looking to empower its users is Kafene. The digital platform aims to help merchants offer flexible lease-to-own (LTO) financing options, recently raised $18m in Series B funding.
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