Brightside recognized for its efforts to improve the financial health of working families

SAN FRANCISCO, Oct. 3, 2023 /PRNewswire/ -- Brightside, the only Financial Care solution for employers, today announced that it has been named to CB Insights sixth-annual Fintech 100 ranking (previously the Fintech 250), showcasing the 100 most promising private fintech companies of 2023.

Brightside created the employee benefits category of Financial Care to improve the financial health of working families and help income go further for the seven in 10 Americans living paycheck to paycheck. In supporting hundreds of thousands of families – with a focus on Fortune 500 employers and their frontline workers – Brightside meets employees where they are in the moments that matter most and helps them with all financial needs, including managing financial emergencies, reducing debt, and building savings. This, in turn, drives employer ROI by boosting retention, lowering healthcare costs, increasing productivity, and improving workforce diversity. Whether the challenge is struggling to pay bills or saving for the future, Brightside offers a unique combination of unbiased personal financial support and a platform of real solutions to help reduce financial stress which impacts overall employee wellbeing.

"As the only comprehensive Financial Care solution, we're helping employees effectively navigate their unique financial situation in a way traditional financial wellness benefits can't," said Tom Spann, CEO and co-founder of Brightside. "Our approach is creating real value for employers and their front-line employees, and this recognition is a testament to that. It's an honor to be named to this year's list and to be recognized amongst such an exclusive cohort of companies innovating in the fintech space."

Utilizing the CB Insights platform, the research team selected these 100 winners from a pool of over 19,000 private companies, including applicants and nominees. They were chosen based on factors including equity funding, investor profiles, business relationships, R&D activity, news sentiment analysis, competitive landscape, proprietary Mosaic scores, and Yardstiq transcripts - and criteria such as tech novelty and market potential. The research team also reviewed thousands of Analyst Briefings submitted by applicants.

"Representing 24 different countries across the globe, this year's Fintech 100 is shaping the future of real-time payments, spend management automation, embedded finance, and more," said Chris Bendtsen, lead fintech analyst at CB Insights. "Together, they are not only increasing the pace of innovation, but launching new products and features to revolutionize the industry as a whole. I cannot wait to see what this cohort accomplishes next."

Quick facts on the 2023 Fintech 100:

• Equity funding and deals: The Fintech 100 includes a mix of companies at different stages of maturity, product development, and funding. The cohort has raised nearly $22B in equity funding across 381 deals since 2019.
• Unicorns: There are 31 companies with $1B+ valuations on the list.
• Global Reach: This year's winners represent 24 different countries across the globe. Forty-three percent of the selected companies are headquartered in the US. The UK comes in second with 12 winners, followed by Singapore with seven. Additionally, some emerging markets stand out with multiple winners this year. For example, India has three winners, while Indonesia and Egypt each have two.

About Brightside
Brightside created Financial Care, a new category in employee benefits, to help reduce financial stress for the seven in 10 Americans who are not financially healthy. Since 2018, its Financial Assistants, proprietary rules engine, and innovative product platform have helped thousands of families save more than $1,200 annually (on average) while improving emergency savings and reducing debt, resulting in improved retention, productivity, and workforce diversity while lowering healthcare costs. Brightside is located in San Francisco, CA; Chandler, AZ; and Philadelphia, PA. For more information, please visit: https://www.gobrightside.com.

About CB Insights
CB Insights builds software that enables the world's best companies to discover, understand, and make technology decisions with confidence. By marrying data, expert insights, and work management tools, clients manage their end-to-end technology decision-making process on CB Insights. To learn more, please visit www.cbinsights.com.

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SOURCE Brightside