ATLANTA, GA – October 2, 2023 – Encina Lender Finance, LLC (ELF) announced today the closing of a $50MM senior secured credit facility for Bright Money, a fintech platform that helps consumers manage their debt.

Bill Laird, Head of Risk for ELF’s consumer vertical, said, “We are proud to support Petko Plachkov, Avi Patchava and the rest of the Bright Money team. The Bright team has leveraged its deep experience in consumer lending and data analytics to create powerful tools and financing options for its customers.”   

Petko Plachkov, co-CEO of Bright Money, noted, “The Encina Lender Finance team has been a great partner for Bright. ELF’s customer-focused approach and extensive knowledge of consumer lending resulted in a credit facility that allows us to scale our business.”   

About Encina Lender Finance

Headquartered in Atlanta, Encina Lender Finance offers revolving lines of credit and term loans ranging in size from $10 – $50MM to emerging and established specialty finance companies across consumer and commercial asset classes. Targeted consumer asset classes include credit cards, installment loans, consumer vehicle financing, merchant originated installment loans and skills training programs. Targeted commercial asset classes include asset-based lending, factoring, equipment leasing and insurance finance.

Visit the website at https://lenderfinance.encinacapital.com

About Bright Money

Bright is a consumer fintech platform that helps Americans get out of debt and build their credit, using the power of data science and machine learning. Bright was founded in 2019 by a team from McKinsey’s Banking Practice (Petko Plachkov and Avi Patchava) and InMobi Data Scientists (Avi Patchava, Varun Modi, Avinash Ramakath, and Jay Merwade).

Visit the website at www.brightmoney.co