Brightside

About Brightside

Brightside operates as an employer-based financial wellness platform, defining a new benefits category termed "Financial Care." The company was founded in 2017 by Callum King, formerly of Comcast Ventures, and Jacky Chiu, with Tom Spann joining as CEO. The initial concept was inspired by the late Shawn Leavitt, an innovator in employer benefits who recognized the profound impact of financial stress on employee productivity and well-being. Spann brought relevant experience as the founding CEO of Accolade, a company that helps employees navigate health benefits.

The firm's business model is centered on partnerships with employers, who offer Brightside as a benefit to their workforce. This approach targets the significant costs employers face due to their employees' financial stress, which affects retention and productivity. Revenue is generated from fees paid by these corporate clients, which include several Fortune 500 companies in manufacturing, distribution, and healthcare. The platform is designed to serve all employees, particularly the large percentage of Americans living paycheck to paycheck, by providing personalized, tangible support rather than just financial planning tools.

Brightside's service combines dedicated human Financial Assistants with a technology platform that leverages behavioral science and proprietary financial models. Employees and their families receive one-on-one, unbiased guidance for a wide range of financial needs. This includes immediate concerns like managing late bills and finding emergency loans, as well as long-term goals such as debt consolidation, credit improvement, and building savings. The platform helps users find community and government assistance programs and arranges payment plans on their behalf. By integrating with an employer's payroll system, Brightside can facilitate services that have a measurable impact, reporting that households using the service save an average of $1,200 annually.