Brightside, the main monetary care platform for employers, right now introduced it has raised $33 million in Collection B funding.
Seven in 10 People stay paycheck to paycheck1. Along with the profound methods this impacts people and their households, staff’ monetary well being has a confirmed, vital affect on companies’ efficiency. In truth, analysis has proven that monetary stress impacts every little thing from psychological and bodily well being to office retention and productiveness: in accordance with a current study2, financially-stressed staff are reportedly twice as prone to search for a job elsewhere, and 76% say that monetary worries have had a destructive affect on their productiveness, finally affecting employers’ backside line in key areas.
Brightside is on a mission to assist employers enhance the monetary well being of their workforce, thereby enhancing worker productiveness and wellbeing and supporting companies’ brief and long-term development. By offering a single vacation spot for workers and their households to handle any private finance want with unbiased, individualized, hands-on help, Brightside is reworking the monetary futures of the traditionally underserved majority of People. At the moment supporting over 300,000 households, Brightside serves main Fortune 500 employers with frontline staff in industries similar to manufacturing, distribution, and healthcare. Households that work with Brightside save roughly $1,200 a yr, on common, and employers see an 80% discount in 401(okay) non-contributors. Staff who have interaction with Brightside additionally cut back bank card debt by 3 times greater than their non-engaged co-workers, see a 34% enchancment in subprime credit score scores, and go away their jobs 41% lower than those that don’t use the profit.
“Conventional ‘monetary wellness’ options have lengthy fallen brief for the frontline employee,” mentioned Tom Spann, CEO and co-founder of Brightside. “Most staff aren’t in search of monetary plans and budgeting merchandise, and so they don’t need a monetary planner to inform them they’re doing it flawed. They wish to know what to do now of their second of want. Actual issues are greater than arithmetic – they’re about actual life and require sensible, customized options from actual individuals powered by refined guidelines engines. At Brightside, now we have added monetary pressing care and monetary major care to wellness to satisfy individuals the place they’re to measurably enhance the monetary well being of working households. With this funding, we’ll be capable of broaden our providing to extra employers and households – one thing that’s desperately wanted throughout this time of inflation and financial uncertainty.”
Leveraging proprietary behavioral science and monetary fashions, Brightside combines a human method to monetary well being – by way of devoted Monetary Assistants – with a know-how platform to supply actual options to alleviate staff’ monetary stress. Brightside addresses pressing monetary wants by discovering group and authorities help packages, arranging cost plans, discussing debt consolidation choices, creating financial savings plans and offering different sensible, substantive help and instruments that meet on a regular basis People the place they’re to assist them escape of the traumatic cycle of residing paycheck to paycheck.
“Worker entry to significant monetary options and help is extra essential now than ever, and Brightside is main the cost to make an actual distinction, notably amongst underserved populations,” mentioned Vishal Vasishth, co-founder and managing director at Apparent Ventures. “We’re enthusiastic about this partnership and what’s in retailer for Brightside as the corporate continues to scale its development and construct a brand new entrance door to monetary providers for working households.”
Brightside grew its 2021 revenues by roughly 800% final yr and is on monitor to develop practically 10x in 2022. The corporate’s headcount has grown over 150% this yr to greater than 175 crew members, and the corporate plans to rent 200 extra staff within the coming yr.