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Bloom Money
Financial services for migrants
- 1-20 employees
- B2C
- Sharing Economy
- Lending
- Financial Services
- Social Impact
- Holborn, London, UK
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Company mission
To empower migrant communities to build generational wealth.
Some candidates hear
back within 2 weeks
Our take
Rotating savings and credit associations (ROSCAs) have long been a solution for rural or unbanked communities looking to save and borrow. But chasing payments, keeping records, and accessing different ROSCAs can become a hassle. Bloom Money is looking to digitise the ROSCA system for the UK’s growing migrant communities. If the team can pull it off, it may well become the first generalist product of this kind on the UK market.
With Bloom, users can access a broader range of ROSCAs, automate payments, build good credit and earn monthly rewards through responsible participation. It’s a digital transformation of an age-old practice. The only issue is, Bloom is still waiting on authorisation from the FCA, and appears to have been for a while now after originally anticipating a 2021 launch.
It’s not a service entirely incompatible with UK financial regulations, however. StepLadder, a digital ROSCA system designed to help first-time buyers save for a deposit, has been in operation since 2015. It’s seen remarkable success and coverage, demonstrating consumer confidence in the concept, but is specialist enough that it leaves room on the market for Bloom. This, in combination with the relative lack of competition, means Bloom is unlikely to be hit so hard by the FCA delay.
Freddie
Company Specialist at Welcome to the Jungle
Benefits
- 25 days holiday allowance + bank holidays
- Remote first (within the UK)
- Duvet days (for mental health, for the first day of your period, for snuggling with your kids or pets!)
- Pension with several options including a Lifetime, Standard, Sustainable, or Sharia compliant plan
Leadership
Nina Mohanty
(Co-Founder)Previously an international trade assistant at the U.S. Commercial Service, before working as a strategist with Mastercard, Bud, and then Klarna. Co-hosted the Breaking Banks Fintech Podcast.
Dan James
(Co-Founder & CTO)Has worked as a full-stack developer at Purple WiFi, Radio.co, Symless, and Bud.
Diversity, Equity & Inclusion at Bloom Money
- We are a small but mighty team. Diversity isn’t just a buzzword for us, it is who we are and the customers we serve. To us, diversity ranges from ethnicity to socioeconomic background to education. This diversity is crucial to our product because our customer base is diverse and we can only build a strong product for them if our team reflects who our customers are.