2 years ago

Bloom Money Raises £1 Million to Digitize Finance for Ethnic Communities

  • Bloom Money, a U.K.-based fintech, has raised £1 million to digitize an informal financial management system employed by ethnic communities across the world

  • The system, often referred to as “rotating savings and credit association” (ROSCA), involves an informal gathering of people from a certain community who act as a bank, collecting and saving money that members can withdraw

  • Bloom Money wants to digitize this ROSCA process, providing a platform for people to create groups, known as ‘Bloom circles’, to share and save money with

  • The company also offers educational materials on the basics of life in the U.K., such as how to get a driver’s license, setting up a trust fund, and an explainer on credit scores

  • The fundraising was led by Zinal Growth, and saw January Ventures, Pact VC, and angel investors Berenice Magistretti and June Angelides M.B.E

  • participating.

      • ProblemFinancial Services

      "many ethnic communities struggle to access conventional banking systems due to discrimination, making it difficult for them to manage their finances"

      Solution

      "Bloom Money digitizes the informal financial management system (ROSCA) used by ethnic communities, providing a secure and trusted way for people to save and share money"

      Covered on