Bengaluru, Sep 27 (IANS) Consumer fintech company Bright Money on Wednesday announced it has raised $62 million in an equity and debt round.

The funding includes $50 million in debt from Encina Lender Finance and $12 million in equity led by Alpha Wave, Hummingbird, and PeakXV. 

With over 180 team members based in India, the company said it will use fresh funds to aggressively cater to millennials, especially in the US. 

“At Bright Money, we exist to give users a path to being debt-free with AI-driven financial planning. Bright Money's intelligent systems help create personalised payment plans along with working as a data-powered assistant in money management” said Varun Modi, Co-founder and CTO, Bright Money.

The Bright Money App helps consumers get out of debt, with the power of AI and machine learning. 

Bright Money products include credit score building, automated debt paydown plans, financial planning, budget planning tools, and refinance loans. It works with credit cards, student loans and car loans. 

Founded in 2019, the company aims to reshape how global retail banks operate driven by big data and AI. 

“We have seen a 6x growth in the last year and now reach hundreds of thousands of users. We believe data is a positive force that can have transformative effects if used effectively,” said Avi Patchava, Co-founder and Co-CEO, of Bright Money.

According to a recent report, the total US consumer debt has recently crossed $17 trillion for the first time. 

The platform has now expanded into refinance lending, and soon into credit cards.