Bright Money raises $62 mn to expand

San Francisco-based fintech startup Bright Money has raised $62 million in a mix of debt financing and equity infusion from new as well as existing investors

- KAmoghavarsha

While new investor Encina Lender Finance provided a debt of $50 million, existing investors Alpha Wave Global, Peak XV (erstwhile Sequoia India) and Hummingbird VC collectively infused $12 million in follow-on bets.

This investment is poised to help Bright Money build its presence among millennials in the US, according to a statement.

"We have seen a 6x growth in the last year and now reach hundreds of thousands of users," said Avi Patchava, co-founder and co-chief executive officer at Bright Money.

Founded by Patchava, Petko Plachkov, Varun Modi, Avinash Ramakanth, Jay Merwade and Amit Bendale, Bright Money focuses on personal lending and credit cards.