Bright Money, an anti-debt tech startup, announces its public launch, with funding of $ 31 million
After 2 years of development, Bright Money’s MoneyScience™ technology will be accessible to all Americans thanks to this new capital
SAN FRANCISCO, September 16, 2021– (BUSINESS WIRE) – Bright Money, a artificial intelligence Funding platform (IA) powered by its unique MoneyScience ™ algorithm, has secured $ 31 million in funding from Sequoia Capital India, Falcon Edge Capital and Hummingbird Ventures, as well as investments from leading angel investors including Ram Shriram (member of the board of administration of Alphabet and founder of Sherpalo Ventures).
Bright Money is helping Americans take control of their debt and start building real wealth through personalized, AI-powered financial planning. With its algorithm, Bright Money performs all data calculation calculations and financial planning for each user. Bright Money uses thousands of data points from a user’s financial life to create the best possible path to financial well-being, while integrating into the user’s daily monetary activities. It works to outsmart banks and credit companies, so that every Bright Money user always gets the best decisions for their money.
The Bright Money platform is designed for the real financial needs that matter most to Americans, helping them move forward and achieve their dreams. It aims to deleverage people, improve their credit rating and increase their savings to create real wealth. On average, users pay off over $ 2,200 in credit card debt each year using the platform, saving $ 750 in fees and interest charges and increasing their credit scores by 30 to 100 points.
The platform primarily helps hard-working middle-income Americans – people between the ages of 25 and 40 who earn between $ 50,000 and $ 100,000 a year. These Americans have traditionally been underserved by banks and even recent “neobanks”. Unlike existing products and services, Bright Money doesn’t just offer users more loans or a unique product. Bright Money offers highly individualized planning that responds and adapts to each user’s changing finances, while also enabling smart automated payments that reduce debt and build wealth faster than most Americans can. do it alone.
Bright Money was co-founded by Avi Patchava, a data scientist and Oxford University graduate with a decade of experience using algorithms to solve consumer problems; and Petko Plashkov, a financial services veteran and serial entrepreneur who has successfully created and developed financial products for millennial consumers over the past decade.
“When we started building Bright in 2019, we set out to launch a unique data science-powered system to help Americans organize their finances and fight debt,” says Patchava. “The Series A funding we have secured will allow us to take our platform to the next level, giving users a transformative journey with their money to truly improve their financial futures. We exist to give people real results – not just another financial product. It’s just the tip of the iceberg when it comes to harnessing the power of data science to manage personal finances. “
Bright Money has assembled a team of over 100 silver scientists: data scientists and AI engineers from leading research centers around the world with backgrounds in finance, consumer tech and ad technology. . They spent two years building the MoneyScienceMT platform (a system of 34 separate AI algorithms) from scratch to deliver unique financial planning and insights to consumers. Bright Money’s technology enables hyper-personalized and tailor-made financial plans, typically offered only to the wealthy through dedicated financial advisers.
“We designed Bright to meet the financial planning needs of middle-class Americans with no hidden costs or fees,” says Plashkov. “Bright is only $ 15 a month – affordable for everyone. So you can get the Bright algorithm for your finances, for less than the price of Netflix. Most Americans make a decent living, but they are poorly served. by traditional financials and fintechs that offer one size fits all. Seeing over 30,000 people getting results with the Bright platform in beta, we know we are building a platform for the future of business. people’s money. “
“Bright has invested in creating a unique technology-based solution to help consumers manage their money and reduce their debt,” said Shriram. “The consumer debt and savings industry is ripe for innovation, to deliver real value and simplicity to users looking to improve their financial lives. “
For $ 15 per month, users have access to all the useful tools on the Bright Money platform, educational resources – The School of MoneyScience ™ – and 24/7 access to customer support over the phone. , email and chat. Based in San Francisco, with offices in London and Bangalore, Bright Money currently has 150 data science and customer service team members, and is compatible with 14,000 banks across the United States. To learn more about Bright Money, visit brightmoney.co.
About Bright Money
Bright Money is a artificial intelligence (AI) funding 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 personalized financial plans – typically only available from financial planners who charge thousands of dollars – to pay off credit card debt, build their credit score, and get started. to save. Bright Money delivers results to its users, with the average customer paying off $ 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 of debt. Bright Money was founded in 2019 by Avi Patchava, a leader in the AI industry; and Petko Plashkov, a serial financial services entrepreneur; and has teams in San Francisco, London and India.
SilverScienceMT, Bright Money’s patented AI platform, uses thousands of data points about each consumer’s financial life and 34 algorithms to create highly personalized financial plans for users. The science of moneyMT The system was built over two years by leading experts in AI and machine learning, combining fundamental AI technology from other industries (adtech, entertainment, robotics and industrial automation) with best practices in personal finances. The results are simple, understandable, high-impact plans that are uniquely tailored for each individual – hyper-personalized for each user. Currently, such detailed planning is only available from professional financial planners who charge thousands of dollars for such a service.
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Gregory FCA for Bright Money