SAN FRANCISCO – (BUSINESS WIRE) –Light money, an artificial intelligence (AI) financial platform based on its unique MoneyScience ™ algorithm, has secured $ 31 million in funding from Sequoia Capital India, Falcon Edge Capital and Hummingbird Ventures, along with investments from prominent angel investors like Ram Shriram (Alphabet board member and founder of Sherpalo Ventures).
Bright Money is helping Americans take control of their debts and start building real wealth through bespoke AI-powered financial planning. With its algorithm, Bright Money does all of the data processing math and financial planning for each user. Bright Money uses thousands of data points from a user’s financial life to build the best possible path to financial well-being while fitting into the user’s daily money activities. It works to outsmart banks and lending companies so that any Bright Money user can always get the best bang for their buck.
The Bright Money platform is designed for real financial needs that matter most to Americans, helping them move forward and make their dreams come true. It focuses on getting people out of debt, improving their credit scores, and increasing savings to build real wealth. On average, users pay more than $ 2,200 in credit card debt each year by using the platform, saving $ 750 in fees and interest fees, and adding 30-100 points to their creditworthiness.
The platform primarily helps hard-working, middle-income Americans – those between the ages of 25 and 40 who make $ 50,000 to $ 100,000 a year. These Americans have traditionally been underserved by banks and even by the youngest “neo banks”. Unlike existing services and products, Bright Money doesn’t just offer users more credit or a unified product. Bright Money offers highly customized planning that reacts to and adapts to each user’s changing finances while enabling intelligent automated payments that reduce debt and build wealth faster than most Americans can alone.
Bright Money was co-founded by Avi Patchava, an Oxford University graduate data science expert with a decade of experience using algorithms to solve consumer problems. and Petko Plachkov, a financial services veteran and serial entrepreneur who has successfully developed and scaled financial products for millennials for the past decade.
“When we started building Bright in 2019, we wanted to bring a unique system based on data science to help Americans organize their finances and fight their debts,” says Patchava. “The Series A funding we have secured will allow us to take our platform to the next level by giving users a transformative journey with their money to truly improve their financial future. We exist to deliver real results to people – not just another financial product. This is only the tip of the iceberg when it comes to harnessing the power of data science to fuel personal finances. ”
Bright Money has assembled a team of more than 100 money scientists: seasoned data scientists and AI engineers from leading research centers around the world with experience in finance, consumer technology and adtech. They spent two years building the MoneyScienceTM platform (a system of 34 different AI algorithms) from the ground up to provide unique financial planning and insights to consumers. Bright Money’s technology enables hyper-personalized and bespoke financial plans normally only offered to the wealthy through dedicated financial advisors.
“We designed Bright to meet the financial planning needs of middle-class Americans with no hidden costs or fees,” said Plachkov. “Bright is only $ 15 a month – affordable for everyone. How to get Bright’s algorithm for your finances for less than the price of Netflix. Most Americans make a decent living, but they’re poorly served by traditional financial firms and fintechs that offer one-size-fits-all solutions. With more than 30,000 people getting results with the Bright platform in beta, we know we are building a platform for the future of people’s money. ”
“Bright has invested in building a unique technology-enabled solution that will help consumers manage their money and reduce debt,” says Shriram. “The consumer debt and savings business is ripe for innovation to bring real value and simplicity to users looking to improve their financial lives.”
For $ 15 a month, users have access to all of the great Bright Money platform tools, educational resources – The School of MoneyScience ™ – and 24/7 access to customer support via phone, email and chat. Based in San Francisco with offices in London and Bangalore, Bright Money currently has 150 members on the data science and customer service team and is compatible with 14,000 banks in the US. For more information on Bright Money, see brightmoney.co.
About light money
Light money is an artificial intelligence (AI) financial 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 enables all users to access highly customized financial plans – usually only available from financial planners charging thousands of dollars – to help settle credit card debt, build their creditworthiness, and start saving. Bright Money delivers results to its users, with the average customer shedding $ 440 in debt and saving $ 750 a year in interest in the first three months. Bright Money’s patented platform has helped over 30,000 Americans to date and managed hundreds of millions of debts. Bright Money was founded in 2019 by Avi Patchava, a leader in the AI industry. and Petko Plachkov, a serial financial services entrepreneur; and has teams in San Francisco, London and India.
MoneyScienceTM, Bright Money’s patented AI platform, uses thousands of data points on each consumer’s financial life and 34 algorithms to create highly customized financial plans for users. The MoneyScienceTM system was developed from the ground up over two years by leading AI and machine learning experts, combining basic AI technologies from other industries (adtech, entertainment, robotics and industrial automation) with best practices in personal finance. The result is simple, understandable, and impactful plans that are uniquely tailored to 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.