VC Fund Investments
Wealth mgmt startup Bright Money raises $31-M from Sequoia Capital India, Falcon Edge, others
Bengaluru and San-Francisco-based wealth management startup Bright Money, which provides its proprietary artificial intelligence (AI) algorithm, has come out of stealth mode and raised USD 31 million from Sequoia Capital India, Falcon Edge Capital and Hummingbird Ventures. The round also saw participation from angel investors including InMobi's Naveen Tewari, CRED's Kunal Shah, Jupiter's Jitendra Gupta, Zalora's Gunjan Soni, Uber's Pradeep Parameswaran and tech investor Ram Shriram. Founded in 2019, Bright Money was in stealth mode for two years where it served over 30,000 clients across 1000+ data points per user. The startup has built a patented AI platform — MoneyScience — that customises financial planning for users, helping reduce debt and understanding transactions better. The startup's team is spread across Bengaluru, San Francisco and London. The funds will be used to expand its teams and product suite across markets. Bright Money was also a part of the first cohort of Surge, Sequoia India's scaleup programme.
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