Fintech Brighte bags $100 million to “go deeper” on energytech

Fintech and energy startup Brighte has rounded out the year with a massive $100 million raise, as it introduces a new business model, positioning itself as an energy retailer.

Headed up by founder and chief Katherine McConnell, Brighte offers credit services allowing households to install energy products such as solar panels and batteries, as well as helping fund home improvements.

The round was led by Grok Ventures, the investment fund of Mike and Annie Cannon-Brookes, which invested some $78 million into the round.

Existing backers AirTree Ventures, Singapore VC Qualgro and Kim Jackson and Scott Farquhar’s Skip Capital also contributed.

Founded in 2015 and launched a year later, Brighte has approved more than $600 million in finance for about 75,000 Aussie households.

Over the past three years, the business has seen a massive 912% revenue growth. That makes it the sixth-fastest growing technology company in Australia, according to Deloitte Tech’s Fast 50 Australia report.

But, there’s an addressable market here of about $45 billion per year, and McConnell is only just getting started.

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Source: Fintech Brighte bags $100 million to “go deeper” on energytech