Bloom Credit, a U.S.-based financial wellness platform, announced on Thursday it secured $3.87 through its seed investment round, which was led by Resolute Ventures with participation from Kindred Ventures and Slow Ventures.
Founded in 2017, Bloom Credit was a graduate from the 500 Startups Batch 20 acceleration program. Its platform enables financial institutions to nurture relationships with consumers who applied for their loans but were denied due to the lender’s origination standards. Bloom Credit also licenses its software-as-a-service via API to financial institutions and their partners to enable them to nurture customer relationships directly. While sharing details about the platform, Matt Harris, Co-Founder and CEO of Bloom Credit, stated:
“We believe all consumers are inherently creditworthy but may simply need help to earn the credit they need and deserve. And while lenders have the capacity to lend, we also recognize they receive too many non-qualified applicants and simply must say ‘No’ or price at rates that don’t make sense for the customer. With Bloom Credit, we see the opportunity for a new beginning. We’re working to change what can be a very negative borrower-lender experience and seed a healthy relationship dynamic from the start.”
Speaking about the investment, Mike Hirshland, Co-Founder of Resolute Ventures, also commented:
“Bloom Credit’s application of deep data science to the credit rating process is unlocking a massive but neglected market for lenders while helping consumers obtain credit they actually merit. The combination of team, technology and a demonstrated market opportunity has us thrilled about the opportunity ahead,” said who led the investment.”
Sheel Mohnot, Partner of 500 Startups, added:
“We’re very excited to back Bloom Credit, as they fit squarely with our fund thesis of ‘Financial Services for the Rest of Us.’ Through data science and analytics, they will help more consumers fully participate in the best of the credit market, and also help financial providers to make this goal attainable.”