Bright Money, an artificial intelligence (AI)-enabled personal finance platform, Thursday announced that it has secured $31 million in funding from Sequoia Capital India, Falcon Edge Capital and Hummingbird Ventures.
Angel investors including Naveen Tewari and Abhay Singhal of InMobi, Kunal Shah of CRED, Jitendra Gupta of Jupiter, Gunjan Soni of Zalora, Pradeep Parameswaran of Uber, and notably, Ram Shriram – a technology investor who is one of the first investors in Google and currently on the board of Alphabet, also participated in the round.
Bengaluru and San Francisco-based Bright Money was a part of the first cohort of Surge, Sequoia India’s rapid scale-up programme.
The startup will use the funding to expand its teams as well as product suite across markets. It currently has 150 data scientists, engineers and customer experience team members in Bengaluru, which it plans to double as it scales up its public launch.
While set to launch first in the US, Bright Money will soon be available to customers in India and SE Asia, the statement added.
Founded in 2019, Bright Money claims to help consumers take control of their debt and start building real wealth, doing all the data-crunching math and financial planning on their behalf. Using the platform, Bright Money consumers can understand their bank and credit card transactions better, and make decisions regarding their money.
“Bright is a Data Science-first company where we apply predictive intelligence into every corner of our product, covering data enrichment, financial planning, customer communications, banking systems and user experience. We deploy more than 30+ data science solutions consuming thousands of data points from a consumer’s financial life to infer, predict and take financial decisions, building the best possible path to their financial well-being. This is the beginning of seeing data science first tech being built from India, for the global consumer,” said Varun Modi, co-founder, Bright Money.
Bright Money claims that its patented platform has helped over 30,000 Americans to date, managing hundreds of millions in debt and is compatible with 14,000 banks across the US.