Brigit Analysis: $38M Raised
What is Brigit?
Brigit is a financial technology company focused on helping users manage their finances effectively. Its mission is to provide accessible financial solutions that empower individuals to take control of their financial health. Key services offered by Brigit include cash advances, credit building tools, and financial insights, all designed to assist users in navigating their financial challenges and improving their overall financial well-being.
Employees
75-80
Founded
2017
Industry
Personal Finance
Funding Amount
$38M
Industry Type
Personal Finance
Latest Funding Round Size
$38M
Product Features & Capabilities
- Instant cash advances with no credit check
- Credit builder accounts to improve credit scores
- Finance helper for budgeting and spending insights
- Job discovery for side gigs and savings
- Identity theft protection with coverage up to $1 million.
Use Cases
Get cash advances quickly to avoid overdrafts; Build credit without upfront deposits or approvals; Monitor spending habits and manage budgets effectively; Discover job opportunities and side gigs; Receive alerts for potential overdrafts in real-time.
How much Brigit raised
Funding Round - $38M
RecentCompetitors
The main competitors of Brigit in the fintech space include:
- MoneyLion
- Woveo
- Bright
These companies offer similar financial products such as cash advances and credit building tools.
Key Products
Brigit offers several key products and services, including:
- Instant Cash: Users can access cash advances ranging from $25 to $250 quickly, without credit checks or late fees.
- Credit Building Tools: Brigit provides features to help users build their credit scores.
- Budgeting Tools: The app includes tools for tracking expenses and budgeting effectively.
- Financial Insights: Users receive insights into their financial health and spending habits.
- Automated Alerts: The app sends alerts to help users manage their finances better.
- Identity Theft Protection: Available in the Plus and Premium plans, this feature helps safeguard users' personal information.
Brigit aims to assist users in managing their finances more effectively and avoiding overdraft fees.
Recent News
Recent news regarding Brigit, the financial technology company, includes the following key developments:
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Acquisition by Upbound Group: Brigit was acquired by Upbound Group in a deal valued at up to $460 million. The founders, Zuben Mathews and Hamel Kothari, will continue to lead Brigit as a business segment of Upbound. This acquisition aims to enhance Upbound's financial solutions platform and expand its customer base significantly, adding over 1 million paying subscribers.
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FTC Refunds: The Federal Trade Commission (FTC) announced that it is sending more than $17 million in refunds to consumers who were harmed by Brigit's deceptive claims, junk fees, and a confusing cancellation process. This action highlights regulatory scrutiny over Brigit's business practices.
These developments indicate significant changes in Brigit's corporate structure and ongoing regulatory challenges.
Other Considerations
Over 9 million users have joined Brigit; Monthly subscription fees range from $8.99 to $14.99; Brigit's services are not available in all states.
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