Consumer fintech startup Bright Money on September 27 secured $62 million in funding in a mix of debt and equity. The equity portion, amounting to USD 12 million, was led by prominent investors such as Alpha Wave, Hummingbird, and PeakXV. Additionally, the fintech startup raised USD 50 million in debt, with Encina Lender Finance leading this particular funding round.
Founded in 2019, the company aims to reshape how global retail banks operate driven by big data and AI.
The startup plans to utilise the funding towards product building and hiring across teams like product development, technology, analytics, and support functions like compliance and customer service, according to media.
Founded in 2019 by a team from McKinsey’s Banking Practice Petko Plachkov and Avi Patchava and former InMobi Data Scientists Varun Modi, Avinash Ramakath, Jay Merwade, Amit Bendale, the company aims to reshape how global retail banks operate driven by big data and AI.