Bloom Money raises £1m to make finance accessible for all
Since we launched Bloom in 2021, it’s been our mission to help underserved and minority communities in the UK access fair finance.
Many people from these communities encounter barriers when accessing credit and financial services in the UK. Discrimination, language barriers, limited credit history, and lack of familiarity with local banking systems can all contribute to this problem.
We aim to break down these barriers with fintech solutions that cater to the traditional finance systems of your communities. Pardna, tanda, ajo, kameti, hagbad — whatever you call your rotating savings club, Bloom will work for you.
To support this mission, we’re thrilled to announce that Bloom has raised £1 million in a pre-seed funding round.
Bloom: what we do and who we are
Bloom Money allows diaspora communities — and those that don't have access to traditional banking solutions — to plan for their financial future with their family and friends.
Our app is designed to help you continue your traditions and become financially secure, all from your smartphone.
Now available from the Google Play store and soon in the Apple store, our app enables you to set up and manage your savings club from your phone. You can invite up to ten friends to join your club, all of whom are protected by secure anti-fraud measures.
We pride ourselves on practising what we preach. Since our inception, we’ve grown to a team of six, representing ethnic backgrounds from Somalia, Yemen, India, Taiwan, Pakistan, and the UK.
And we have big plans for future finance products that will continue to serve your communities.
Our co-founder, Nina Mohanty, explains why she’s passionate about Bloom’s mission:
“As the daughter of immigrants to the US, I watched my parents save, scrimp, and sacrifice to give me and my brother a better future. I saw firsthand the power of community to overcome systemic barriers, whether that be at my childhood Chinese language school or at the local Hindu temple. Moving to France and then the UK as a young woman, I was surprised by the financial setbacks I faced as an immigrant bearing in mind my own privilege of being an American.”
Our pre-seed funding round is led by Zinal Growth, with participation from January Ventures, Pact VC, and Octopus Ventures First Cheque Fund. Maren Bannon, Co-Founder & Managing Partner at January Ventures, explains why they chose to invest in Bloom:
"We're excited by the way the Bloom Money team led by Nina Mohanty and Dan James are leveraging their deep fintech experience and diverse perspectives to unlock a massive opportunity. Their unique points of view enable them to build financial products for underserved and underbanked communities, starting with taking the money saving circles concept online."
In addition, we’re supported by angel investors, including Dr. Fiona Pathiraja, Steve O’Hear (Atomico Angel), Berenice Magistretti, June Angelides MBE, and Dominic Campbell.
We’re thrilled to work with so many partners who share our values and believe in our mission, and can’t wait to start developing even more products and services for underserved communities across the UK.
Start your first circle with Bloom
Support our mission by starting your own Bloom circle. Just download Bloom Money from your app store, create your circle, invite your friends, and start contributing.