Sequoia Capital India, Falcon Edge Capital, and Hummingbird Ventures have invested US$31 million in Bright Money, an Indian fintech business with operations in the United States and the United Kingdom.
InMobi co-founders Naveen Tewari and Abhay Singhal, Cred founder Kunal Shah, Jupiter founder Jitendra Gupta, Uber regional general manager for Asia Pacific Pradeep Parameswaran, and Alphabet board member Ram Shriram all participated in the round. Individual investors had already invested in the startup’s initial round, according to Bright Money.
“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,” Varun Modi, the co-founder of Bright Money said in a statement.
The fresh cash will be used to expand Bright Money’s personnel and product offerings. In Bengaluru, the company employs 150 data scientists, engineers, and customer experience specialists. It plans to quadruple the size of its workforce ahead of its public launch in the United States, where it already has 30,000 members after launching a beta version of its platform last year.