Community Investment Management and FinTech Company Brigit Partner to Help Americans Improve their Financial Health
Impact investment firm Community Investment Management provides leading social impact financial technology company Brigit with $75 million so members can manage their finances without incurring overdraft fees or turning to predatory payday lenders—an essential service as the pandemic exacerbates the financial distress experienced by the more than 100 million people in the U.S. living paycheck to paycheck
San Francisco, April, 28, 2021—Community Investment Management (CIM), an impact investment firm that funds innovative and responsible financial services for underserved communities and Brigit announced today a financing arrangement to help Americans improve their financial health, a pressing issue as the Covid-19 pandemic has stretched many to their financial limits. CIM will provide Brigit with $75 million in funding.
Launched in 2019, Brigit is a holistic financial health app helping every American build a brighter financial future. Brigit provides its members with personalized budgeting tools to help them plan their expenses and predict when they’re about to overdraft. Brigit’s automatic advances help members bridge any gaps in their cash flow, up to $250. The company’s app also helps its members earn extra income and protect their credit scores and identity.
“There are 100 million Americans living paycheck to paycheck and the pandemic has only exacerbated the financial challenges they face. Many people come up short at various times during the course of a month, wind up overdrafting their accounts, and are hit with expensive fees. They may even turn to predatory payday lenders charging exorbitant rates just to get by,” said CIM Managing Partner Jacob Haar. “We’re proud to partner with Brigit to provide funding that will help ease some of the financial pain experienced by so many hard working Americans trying to make it through this challenging time.”
Since its launch in 2019, Brigit has served over 1 million of its members, saving them over $250 million in fees. Brigit’s service is especially valuable as the pandemic has brought on a surge in unemployment and many workers have struggled to cover daily costs, let alone emergency costs. In a recent study, 40% of Americans said they would struggle to cover an unexpected $250 expense should they need to.
“We are thrilled to partner with CIM, who share our mission of improving the financial health of underserved consumers, said Zuben Mathews, Brigit CEO & Co-Founder. “This partnership will help us continue to improve the lives of millions of Americans.”
CIM has been partnering with innovative fintech companies offering responsible and transparent financial solutions like Brigit since its founding in 2014.
“Financial technology has created a laboratory for innovation and it is well positioned to help people make it through the economic challenges currently facing our country,” Haar said. “Companies like Brigit are doing important work to help people through this crisis and we are proud to support them.”