Brightside (company)

Brightside (company)

A employee benefits and financial wellness platform headquartered in San Francisco, California.

Brightside is an employer-based financial care company headquartered in San Francisco, California. It was founded in 2017 by Callum King, Jacky Chiu, and Tom Spann.

History

Brightside was the idea of health care benefits executive, Shawn Leavitt. Leavitt recognized in industry data that financial stress was leading increased to increased healthcare costs, lost workdays, and lost productivity for employers. The company was founded in 2017 to help the 78% of Americans living paycheck to paycheck achieve better financial health. The platform claims to help decrease healthcare cost by reducing financial related stress that leads to approximately 4.5 percent of all deaths in the United States.

In 2019, it was announced that Brightside was one of five companies chosen as part of the Center for Financial Services Innovation's Financial Solutions Lab.

The company announced on June 16, 2020, that it had raised $35.1 million in Series A funding. The funding round was led by Andreessen Horowitz (a16z) and saw participation from existing investors Comcast Ventures, Trinity Ventures, and the a16z Cultural Leadership Fund.

Business Model

Brightside's business model helps employers of small to large companies help their employees improve their financial wellbeing. Brightside connects employees with an in-person financial assistant that helps them find and make better financial decisions based on their needs and financial stresses. Brightside's financial assistants are backed by Brightside's financial rule based system that helps them help employees make better financial choices.

Brightside's platform utilizes behavioral science and artificial intelligence to create a "self driving wallet" that automates day-to-day money management tasks such as figuring out what order to pay bills or finding money to set aside for savings. The platform is designed to help employees pay off debt, increase their credit scores, refinance debt, find government and community benefits, and eliminate fees. Brightside does not make any money from financial products and gives any referral bonuses received back to employees it serves as part of its KickForward program.

Timeline

June 29, 2020

Raised $35.1 million in Series A funding

July 16, 2019

Joined Center for Financial Services Innovation's Financial Solutions Lab 2019 cohort

July 2018

Expanded corporate offices in Chandler, Arizona and doubled its number of employees.

2017

Brightside was founded by Callum King, Jacky Chiu, and Tom Spann

People

Name
Role
LinkedIn

Koray Can Oztekin

Employee

Further reading

Title
Author
Link
Type
Date

Documentaries, videos and podcasts

Title
Date
Link

Companies

Company
CEO
Location
Products/Services

References

Golden logo
Text is available under the Creative Commons Attribution-ShareAlike 4.0; additional terms apply. By using this site, you agree to our Terms & Conditions.