Just a few weeks on from securing a $20 million debt funding facility from National Australia Bank, fintech startup Brighte has raised $18.5 million in a Series B round led by Airtree Ventures.
The round also saw participation from Scott Farquhar’s Skip Capital, the Milgrom Family, and funding from existing backer Grok Ventures, Mike Cannon-Brookes’ venture capital outfit, which led a $4 million Series A round for the business last September.
Founded in 2015, Brighte allows customers to purchase solar panels, insulation, and batteries for their properties on a no-interest repayment plan from more than 450 partner vendors. According to Brighte, applications take two minutes for customers to complete, with a credit outcome received in nine seconds.
Allowing homeowners to borrow up to $30,000 over a 60-month period, with zero percent interest for the life of the payment plan, the startup reported that it has approved over $50 million in applications from more than 6,000 Australians since launch.
Brighte has forecasted $9 million to be approved in May, an increase of 40 percent from April.
As Katherine McConnell, founder and CEO of Brighte, put it, “the demand is real”.
“Every day we speak to homeowners looking for an affordable way to buy the latest innovations, like solar and batteries. They want to take control of their energy costs today, and Brighte gives them the ability to do this,” she said.
The fresh funding will go towards furthering the startup’s product development, with machine learning and artificial intelligence particular areas of focus.
Joining the startup’s board, Airtree Ventures cofounder and partner Craig Blair said, “From day one, I was impressed by Katherine’s deep connection to home energy improvements and her significant domain knowledge in point of finance solutions.
“With a frictionless application process, near instant decisioning, and all the while maintaining industry-leading credit levels, Brighte is well poised to pioneer point-of-sale in the $35 billion home improvement market.”
Kim Jackson, principal and cofounder of Skip Capital, added, “We recognised the exceptional capabilities Katherine brings to Brighte, and our investment reflects our desire to back phenomenal entrepreneurs who are creating real business impact.”
Image: Kim Jackson and Katherine McConnell. Source: Supplied.