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.
In brief:
-The company will use the funds from the pre-seed round to continue building its digital savings features, which has all funds safeguarded by an electronic money institution.
-The fundraising was led by Zinal Growth, and saw January Ventures, Pact VC and angel investors Bérénice Magistretti and June Angelides M.B.E. participating.
-Mohanty and James say they wanted ethnic and gender diversity on their cap table
What does this mean?
Her co-founder and CTO Dan James believes in the system because he’s seen how effective it can be, growing up in an ethnic community in central Birmingham. “I saw firsthand the benefits that using ROSCAs can bring people, especially those entering the U.K. who have historically been underserved by the existing financial sector,” he said.
