Financial wellbeing platform Brightside raises $33m in Series B funding
US-based financial wellbeing platform for employers, Brightside, has raised $33 million in a Series B funding round led by Obvious Ventures.
Existing investors Andreessen Horowitz (a16z) and Trinity Ventures also participated in the round along with Clocktower Technology Ventures and Chestnut Street Ventures.
The new funding takes Brightside’s total capital raised to date to over $75 million.
Brightside says it will use the fresh funding to fuel its growth and develop new platform enhancements, including adding AI-driven capabilities to improve its product experience.
Launched in 2018 and based in San Francisco, Brightside helps employers improve the financial health of their workforce. Through its platform, Brightside connects employees with dedicated financial assistants to provide solutions to help alleviate financial stress. This includes providing help with finding community and government assistance programmes, arranging payment plans, discussing debt consolidation options and creating savings plans.
It claims to support more than 30,000 families in the US and says it has helped households save around $1,200 a year.
“Most employees aren’t looking for financial plans and budgeting products, and they don’t want a financial planner to tell them they are doing it wrong. They want to know what to do now in their moment of need,” says Tom Spann, CEO and co-founder of Brightside.
“At Brightside, we have added financial urgent care and financial primary care to wellness to meet people where they are to measurably improve the financial health of working families.
“With this funding, we’ll be able to expand our offering to more employers and families – something that’s desperately needed during this time of inflation and economic uncertainty.”
Brightside claims to have grown its 2021 revenues by approximately 800% last year and that it is on track to grow nearly 10x in 2022. The company currently employs more than 175 people, with plans to hire 200 more employees in the coming year.