Brigit Hits New Growth Milestones as it Distributes More Than $2.3B in Cash Advances and Saves Everyday Americans $1B in Overdraft Fees

April 25, 2024 – Brigit, the leading financial health app dedicated to improving financial inclusion in America, announces a series of financial milestones, including 9-figure revenue and a full year of profitability, further establishing itself as a leading financial service.

To date, Brigit has advanced $2.3 billion to help members cover essentials like rent and groceries while saving them $1 billion in predatory bank fees (on average, members save $425 annually in overdraft fees), starkly contrasting with big banks that charged Americans $10 billion in overdraft fees in 2022.

With 75% of adults in the U.S. living paycheck to paycheck, Brigit provides a suite of transparent, fair, and valuable financial products designed to help members access cash, build credit, earn, save, and understand their finances.

AI-Powered Cash Flow Underwriting Eliminates Bias as Scale

At the core of Brigit’s platform is its proprietary machine learning and AI-powered Cash-flow Underwriting technology, which relies exclusively on cash flow data. This eliminates bias and bypasses outdated FICO scores, which have historically marginalized millions of Americans. Since launching in 2019, Brigit has analyzed trillions of dollars in cash flow transactions, allowing the company to send 32 million total cash advances worth $2.3 billion to members who use the capital to cover everything from essentials like rent and groceries to unexpected emergencies.

Zuben Mathews, CEO of Brigit, explains, “We are addressing a crucial societal issue – ensuring equitable access to tools that lead to financial health for millions. By fundamentally improving the credit decision-making process, we can extend opportunities to customers who’ve long been marginalized. Our sole focus is on furthering financial inclusion, and while we’ve already made a significant contribution to our members, we’re only just getting started.”

Introducing Brigit Premium

In response to our members’ desire to keep improving their financial health with Brigit, Brigit is announcing the official launch of Brigit Premium today to all members, transitioning it from beta. Brigit Premium is designed to help members build their credit, access cash advances, budget better, gain valuable financial insights and find earning and saving opportunities. Credit Builder, the newest addition to Brigit’s suite of services which is designed to help you to build credit by setting aside savings each month, has helped 100,000+ members. To date, those members’ credit scores have collectively increased by 4.5 million points.

Priced at $14.99 per month, Brigit Premium includes:

• Credit Builder: Whether you have no or bad credit, Credit Builder is designed to help you build credit by setting aside savings each month.
• Instant Cash: Get cash in minutes with no credit check, late fees, or Express Delivery fees, as they are all included in the flat monthly subscription.
• Credit Monitoring: Stay informed about credit health with regular score updates and access to complete credit reports.
• Identity Theft Protection: Up to $1 million in theft reimbursement, lost wallet assistance, and restoration services.
• Earn & Save: Discover opportunities to earn money and access exclusive offers, providing additional avenues for financial growth.
• Finance Helper: Monitor expenses with spending breakdowns, bill forecasts, and earnings comparisons.

Brigit’s mission to help Americans build a brighter financial future is grounded in fostering economic sustainability for everyday individuals living paycheck to paycheck. At a time when 40% of American adults reported that they struggled to make ends meet, 93% of Brigit users said they felt in control of their finances after using Brigit’s services.

Dominique Phillips, Special Education Teacher and Brigit member says, “Before using Brigit, I felt frustrated having to decide what was most important to pay for, whether I should go to Urgent Care or buy food. I love the feature that predicts if I will go into the negative; it gives me a clear picture of things I need to work on or change. Knowing how much money I’ve spent on a certain area helps me think about what’s important to save up for so I have it later. The last time I used Brigit was to pay for my two-year-old daughter’s daycare, which has to be paid every week, and I needed to pay her so I could go to work.”

As the company continues to scale and launch new products, Tara Rider has been appointed Head of Policy and Government Relations, and Anthony Forino Vice President of Compliance. Rider’s extensive public policy background and consumer rights advocacy will bolster Brigit’s relationships with policymakers and regulators, emphasizing the company’s commitment to impactful governance. Meanwhile, Forino’s expertise in compliance and risk management within the financial sector will ensure Brigit’s continued adherence to regulatory standards, reinforcing its dedication to ethical practices and economic inclusivity.

To learn more, go to: hellobrigit.com

About Brigit

Brigit is a holistic financial health app that has helped more than 7 million Americans get a handle on their finances through cash advances, credit building, budgeting tools, insights into their spending patterns, and earning and savings opportunities. Its mission is to help everyday Americans build a better financial future. Brigit is backed by Ashton Kutcher and Kevin Durant, as well as other prominent investors.

Contact Information

Maggie Philbin

Partner

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