Bright Money, a San Francisco, Calif-based artificial intelligence (AI) finance platform powered by its unique MoneyScience™ algorithm, secured $31 million in Series A round.
The round was led by Sequoia Capital India, Falcon Edge Capital, and Hummingbird Ventures. Alongside investments from prominent angel investors including Ram Shriram (Alphabet board member and founder of Sherpalo Ventures).
The Series A funding will allow Bright Money to take its platform to the next level, by providing users with a transformative journey.
Company: Bright Money Independent Pvt Ltd
Round: Series A
Funding Month: September 2021
Lead Investors: Sequoia Capital India, Falcon Edge Capital, and Hummingbird Ventures
Additional Investors: Ram Shriram
Company Website: https://www.brightmoney.co/
Software Category: (AI) finance platform
About the Company: Bright Money is artificial intelligence (AI) finance platform powered by its unique MoneyScience™ algorithm, designed to help Americans take control of their debt and start building real wealth. Bright Money’s technology allows all users to access highly customized financial plans — typically only available from financial planners who charge thousands of dollars — to pay down credit card debt, build their credit score and start saving. Bright Money delivers results for its users, with the average customer paying down $440 in debt in the first three months and saving $750 a year in interest. Bright Money’s patented platform has helped over 30,000 Americans to date, managing hundreds of millions in debt. Bright Money was founded in 2019 by Avi Patchava, an AI industry leader; and Petko Plachkov, a serial financial services entrepreneur; and has teams in San Francisco, London, and India.