Bright Money, a consumer FinTech firm, has announced a successful closure of its latest funding round, amassing an impressive $62m.
This significant financial boost for the Bengaluru and San Francisco-based enterprise consists of $50m debt from Encina Lender Finance, supplemented by $12m equity investments championed by Alpha Wave, Hummingbird, and Peak XV Partners, according to a report from Entrackr.
Diving deeper into the contributors, Encina Lender Finance stands out as a financial institution that delivers lending solutions. Catering to both consumer and specialty finance companies, they have a robust presence across the US and Canada.
As a FinTech visionary, Bright Money has a simple yet profound mission: aid consumers in navigating out of debt. Their arsenal of products is vast, ranging from tools that enhance credit scores to intelligent financial and budget planning instruments. Moreover, they offer automated debt paydown plans and the option for refinance loans, while also specialising in areas such as credit cards, student loans, and car loans.
With a relentless ambition, Bright Money is not just settling with the status quo. The company envisions a future where global retail banks undergo a transformation, ushered in by the power of big data and AI. Their robust team, boasting over 180 dedicated professionals, predominantly operates from India, handling a myriad of tasks including product development, technology, data management, marketing, and customer service.
In the recent past, specifically September 2021, Bright Money found itself in a favourable position, having secured $31m in a Series A round. The investment round was steered by Peak XV, Falcon Edge Capital, and Hummingbird Ventures.
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