BrightPlan, a California based financial wellness provider, announced on 1st April 2021 that it has raised US $ 9.5 million in its Series A round. The round was led by Fremont Group and The Cynosure Group along with participation from Still Capital Partners, Hawk Partners and angel investor Promod Haque.
Investors: The Cynosure Group is a Utah, United States, based investment firm that was founded in the year 2014. It is an independent asset manager and advisor that invests on behalf of families, individuals, foundations and more. Most of its investments are directed towards small to midsize companies that are profitable and have strong foundations. Its portfolio includes companies such as Avalon Advisors, GPS Hospitality, Savant, Prumentum Group and more.
Fremont Group similarly is a California based private investment firm that was founded in the year 1986.
It seeks to identify investment opportunities as they arise and make investments in such a manner so as to reduce the risk of permanent capital loss. Its success is based on integrity, commitment and sound judgement.
Purpose of investments: The current investment comes on the heels of a great year for BrightPlan, which witnessed a fivefold increase in revenues and many new enterprise customers. It also brings the total funds raised by BrightPlan to date to around US $ 11.2 million. The funds of the current round are posited to be utilised to further support expansion and product innovation.
About BrightPlan:
BrightPlan was founded in the year 2016 with Robert Wallace and Marthin De Beer as the founders. It provides a comprehensive financial wellness solution for the employees of an organisation that is integrated with the benefits provided by the employer and is directed towards improving financial confidence & reducing financial stress. Financial stress being a major contributor to lower productivity, providing personalised financial wellness solutions can improve employees performance and job satisfaction.
BrightPlan’s financial wellness solution can be broken down into 4 essential aspects: a digital financial plan with unlimited access to financial advisors; automated personalised investments to build wealth over time; financial education customised for companies and employees; and proper management of financial lives of employees.
BrightPlan received many awards during its journey, including Wealth Management.com’s 2018 industry award, Bradon Hall Group’s excellence in technology award and more.
What the CEO has to say:
“Last year put the focus back where it should be―on benefits that really matter to employees. Today’s workforce ranks financial wellness as more important than healthcare benefits and seeks solutions to address soaring financial stress. With this new funding, BrightPlan will expand our efforts and partner with more companies to engage employees on their financial futures while fueling business growth. Our goal is to democratize financial wellness and make Total Financial Wellness a ‘must-have’ benefit for every enterprise.”— Marthin De Beer, co-founder and CEO of BrightPlan.
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