Thirty Five Ventures, the venture capital firm owned by NBA star Kevin Durant and his business partner, Rich Kleiman, has invested in finance app Brigit. The investment was part of Brigit’s recently announced $35 million Series A round.
Brigit automatically transfers up to $250 into a user’s account to help them avoid overdraft fees. It claims to save them – on average – $514 a year in overdraft fees. The cash advance provider, offering an alternative to payday loans, charges $9.99 a month for its Plus Plan, which offers instant credit, as well as identity fraud insurance.
Currently, the start-up’s revenue is 100% based on its paid-for subscription model – the free version simply offering the PFM services. This has led the start-up to expect a 2020 revenue of $30 million. Based on 250,000 monthly paying users, the start-up’s monthly recurring revenue (MRR) as of September was roughly $2.5 million.
Durant’s Thirty Five Ventures has made additional investments to include food delivery app Postmates, electric scooter maker Lime, fitness tracker Whoop, virtual reality startup Sandbox VR, and trading card marketing place StarStock.