ImpactAlpha, April 29 — At least 100 million Americans are living paycheck to paycheck. CIM’s Jacob Haar says that represents an opportunity for Brigit to provide personalized budgeting, saving and credit-building tools through its mobile app.
The impact investment firm is investing $75 million in the fintech. Brigit says it has helped more than one million users save over $250 million in overdraft fees since it launched in 2019.
Brigit’s Zuben Mathews said the company is “thrilled to partner with CIM, who shares our mission of improving the financial health of underserved consumers.”
CIM provided U.K.-based Salary Finance with $150 million in debt financing to make affordable loans for working Americans financially impacted by COVID (see, “CIM backs Salary Finance to provide affordable loans for underserved workers”).