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Brightside (company)

Brightside (company)

Brightside is an employee benefits and financial wellness platform headquartered in San Francisco, California.

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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.

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References

gobrightside.com
Is a
Company
Company
Organization
Organization

Company attributes

Industry
Technology
Technology
Enterprise software
Enterprise software
Insurance Technology
Insurance Technology
Financial Wellness
Financial Wellness
Human resources
Human resources
Finance
Finance
Financial technology
Financial technology
...
Location
Chandler, Arizona
Chandler, Arizona
United States
United States
California
California
San Francisco
San Francisco
B2X
B2B
B2B
-1
B2B2C
B2B2C
B2C
B2C
-1
CEO
Tom Spann
Tom Spann
Founder
Tom Spann
Tom Spann
AngelList URL
angel.co/brightside-1
Pitchbook URL
pitchbook.com/profiles...228392-65
Legal Name
Brightside Benefit, Inc.
Accelerator
Financial Solutions Lab
Financial Solutions Lab
Plug and Play
Plug and Play
Accelerator Batch
Plug and Play Insurtech Batch 9
Plug and Play Insurtech Batch 9
Number of Employees (Ranges)
51 – 200-1
Full Address
https://www.chandleraz.gov/news-center/financial-health-company-brightside-expanding-chandler
Place of Incorporation
Arizona
Arizona
Investors
Trinity Ventures
Trinity Ventures
Comcast Ventures
Comcast Ventures
Comcast
Comcast
Andreessen Horowitz (a16z)
Andreessen Horowitz (a16z)
Founded Date
2017
Phone Number
+18559969750
Total Funding Amount (USD)
39,100,000
Latest Funding Round Date
June 17, 2020
Competitors
Onward
Onward
EVEN Financial
EVEN Financial
Benesnap
Benesnap
HoneyBee
HoneyBee
Manifest
Manifest
Latest Funding Type
Series A round
Series A round
Wellfound ID
brightside-1

Other attributes

Company Operating Status
Active
Funding Round Investor

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