Bright Money raises USD 62 million in equity, debt funding

Fintech firm Bright Money on Wednesday said it has raised USD 62 million (about Rs 515 crore) round of funding from a clutch of investors. It has about 95 per cent of employees in India.

The funding includes USD 50 million in debt from Encina Lender Finance and USD 12 million in equity led by Alpha Wave, Hummingbird, and PeakXV, Bright Money said in a statement on Wednesday.

Encina Lender Finance provides lending solutions to consumer and commercial speciality finance companies across the US and Canada.

"The funding will be deployed towards building robust teams across product development, technology, analytics, and support functions like compliance and customer service," Bright Money co-founder and Co-CEO Petko Plachkov said in the statement Bright Money app helps consumers get out of debt, with the power of AI and machine learning.

The mobile app combines all the technology needed to manage and get rid of debt. The company offers credit score building, automated debt paydown plans, financial planning, budget planning tools, and refinance loans etc.

Bright Money currently has a team of over 180 employees with a majority of the core product, tech, data, marketing and service teams, all based out of India, the statement said.

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