Bright is an artificial intelligence (AI) finance platform powered by its unique MoneyScience™ algorithm, designed to help users take control of their debt and start building real wealth.
Bright’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. A Bright Money user has typically been underserved by banks and even recent ‘neobanks’. In contrast to existing products, Bright Money does not just give users more loans or a one-size-fits-all product. Instead, it focuses on highly individualized planning, including intelligent automated payments that reduce debt and help users to start building wealth fast.
MoneyScience, Bright’s patented AI platform, uses thousands of data points on each consumer’s financial life and 34 algorithms to build these plans for users.
Bright delivers results for its users with the average customer paying down up to $1000 in debt in the first 3 months and saving $750 a year in interest. Bright’s patented platform manages hundreds of millions in debt and is compatible with thousands of banks across the US, with plans to launch in India and Southeast Asia.
Bright was founded in 2019 by Avi Patchava, Petko Plachkov, Varun Modi, Alex Seyfert, Avinash Ramakath and Amit Bendale. Avi is an AI industry leader and was formerly Vice President of InMobi’s Data Sciences and Machine Learning teams. Petko Plachkov is a serial financial services entrepreneur with experience at McKinsey and an MBA from Wharton. Varun is an AI engineer with over a decade of experience, primarily with InMobi. He studied at IIT Kanpur. Alex is a former Product Growth team leader at Amazon and Yahoo. Bright has teams located in San Francisco, CA, London, UK and Bengaluru, India.
*Angels: Abhay Singhal, Amit Gupta, Gunjan Soni, Jitendra Gupta, Kuldeep Jain, Kunal Shah, Mohit Saxena, Navroz Udwadia, Naveen Tewari, Piyush Shah, Pradeep Parameswaran, Prof. R Ravi, Rick Gerson, Ryan Khoury, Ryan Gilbert, Sheel Mohnot, Omri Dahan.
Published September 2021